Table 3.

Baseline regression results.

	Independent Variable: ESG
	(1)	(2)	(3)	(4)
chairarmy	0.195	0.371	1.382**	1.920**
	(0.592)	(0.678)	(0.700)	(0.850)
return_ass		−0.179***		−0.195***
		(0.010)		(0.006)
total_lev		0.001***		0.001***
		(0.000)		(0.000)
govcon		0.114		0.065
		(0.411)		(0.474)
indep_director		0.435**		0.209
		(0.191)		(0.299)
owner_first		−0.008		0.003
		(0.019)		(0.029)
owner_three		−0.044		0.070
		(0.053)		(0.070)
owner_five		0.117*		−0.027
		(0.069)		(0.090)
owner_ten		−0.048		−0.003
		(0.032)		(0.042)
sharehold_chair			0.008	−0.005
			(0.017)	(0.018)
overseaback_chair			−0.429	−0.455
			(0.360)	(0.383)
overseaexp_chair			0.028	−0.010
			(0.295)	(0.310)
overseaedu_chair			0.367	0.341
			(0.285)	(0.294)
femalenum_chair			−0.074	−0.144
			(0.134)	(0.145)
salary_chair			0.000***	0.000***
			(0.000)	(0.000)
number_chair			−0.018	−0.045
			(0.030)	(0.029)
Constant	18.411***	15.818***	17.942***	15.978***
	(0.180)	(1.040)	(0.570)	(1.582)
Firm FE	Yes	Yes	Yes	Yes
Year FE	Yes	Yes	Yes	Yes
Observation	12070	10691	4882	4526
R-square	0.832	0.833	0.831	0.837
F-value	518.861***	342.034***	106.927***	1005.089***

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