Table 10.

Mechanism Analysis(2).

	Baseline	Governance
	ESG	Profit	Total_revenue	Net_profit
chairarmy	1.920**	7.906***	32.248**	0.325**
	(0.850)	(2.465)	(12.534)	(0.130)
return_ass	−0.195***	0.055	−0.291*	0.016***
	(0.006)	(0.049)	(0.170)	(0.005)
total_lev	0.001***	−0.001	−0.002	−0.000
	(0.000)	(0.002)	(0.007)	(0.000)
govcon	0.065	−2.688	−7.112	−0.234***
	(0.474)	(1.818)	(10.440)	(0.076)
indep_director	0.209	0.508	7.587	0.085
	(0.299)	(2.566)	(9.979)	(0.112)
owner_first	0.003	−0.159	−0.987	−0.005
	(0.029)	(0.186)	(1.059)	(0.007)
owner_three	0.070	−0.437	−3.096	−0.036*
	(0.070)	(0.472)	(2.942)	(0.022)
owner_five	−0.027	0.499	4.589	0.045
	(0.090)	(0.662)	(3.717)	(0.030)
owner_ten	−0.003	0.107	−0.714	−0.005
	(0.042)	(0.324)	(1.529)	(0.013)
sharehold_chair	−0.005	−0.066	−0.805	−0.002
	(0.018)	(0.117)	(0.751)	(0.005)
overseaback_chair	−0.455	0.759	6.258	0.083
	(0.383)	(1.666)	(7.436)	(0.090)
overseaexp_chair	−0.010	−0.660	−7.441	−0.073
	(0.310)	(1.531)	(7.715)	(0.081)
overseaedu_chair	0.341	−0.207	−4.616	−0.041
	(0.294)	(1.492)	(6.297)	(0.085)
femalenum_chair	−0.144	−0.154	−2.273	−0.003
	(0.145)	(0.728)	(3.599)	(0.038)
salary_chair	0.000***	1.871***	5.596***	0.080***
	(0.000)	(0.493)	(1.515)	(0.016)
number_chair	−0.045	−0.341**	−1.084	−0.020**
	(0.029)	(0.154)	(0.678)	(0.008)
Constant	15.978***	−1.921	−3.482	−0.083
	(1.582)	(10.127)	(44.950)	(0.447)
Firm FE	Yes	Yes	Yes	Yes
Year FE	Yes	Yes	Yes	Yes
Observation	4526	4541	4543	4543
R-square	0.837	0.313	0.240	0.205
F-value	1005.089***	12.144***	21.715***	9.618***

Standard Errors are in the parentheses* p < 0.1, **p < 0.05, ***p < 0.01.