Table 9.

Mechanism Analysis(1).

	Independent Variable: ESG
	(1)	(2)	(3)
chairarmy	1.626*	1.699**	1.745**
	(0.849)	(0.847)	(0.853)
profit	0.039***
	(0.006)
total_revenue		0.007***
		(0.002)
net_profit			0.538***
			(0.118)
return_ass	−0.197***	−0.193***	−0.204***
	(0.006)	(0.006)	(0.007)
total_lev	0.001***	0.001***	0.001***
	(0.000)	(0.000)	(0.000)
govcon	0.071	0.114	0.192
	(0.453)	(0.457)	(0.466)
indep_director	0.203	0.158	0.164
	(0.283)	(0.289)	(0.293)
owner_first	0.012	0.010	0.006
	(0.029)	(0.029)	(0.029)
owner_three	0.086	0.091	0.089
	(0.069)	(0.071)	(0.068)
owner_five	−0.046	−0.059	−0.051
	(0.091)	(0.093)	(0.089)
owner_ten	−0.008	0.002	−0.001
	(0.043)	(0.043)	(0.041)
sharehold_chair	−0.003	0.000	−0.004
	(0.018)	(0.018)	(0.018)
overseaback_chair	−0.480	−0.497	−0.499
	(0.382)	(0.380)	(0.385)
overseaexp_chair	0.016	0.041	0.030
	(0.307)	(0.307)	(0.312)
overseaedu_chair	0.347	0.373	0.363
	(0.295)	(0.293)	(0.298)
femalenum_chair	−0.138	−0.128	−0.142
	(0.140)	(0.144)	(0.141)
salary_chair_	0.078*	0.113**	0.109**
	(0.041)	(0.044)	(0.044)
number_chair	−0.029	−0.037	−0.034
	(0.029)	(0.029)	(0.029)
Constant	15.889***	15.992***	16.013***
	(1.497)	(1.540)	(1.541)
Year FE	Yes	Yes	Yes
Observation	4541	4543	4543
R-square	0.691	0.687	0.686
F-value	386.368***	842.699***	268.580***

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