Table 10 Green Investors, Internal control and ESG ratings divergence.

GI

4.836***

(2.71)

lnGI

3.429**

(2.21)

IC

− 0.000***

(− 2.88)

Size

21.354***

21.090***

− 0.061***

(5.29)

(5.25)

(− 3.19)

Age

− 44.839***

− 44.768***

0.171***

(− 6.72)

(− 6.71)

(4.43)

ROA

501.886***

502.329***

− 0.224**

(18.04)

(18.04)

(− 2.13)

Lev3

− 9.297

− 9.121

0.401***

(− 0.43)

(− 0.42)

(4.12)

Growth

4.367**

4.332**

0.004

(2.42)

(2.40)

(0.52)

CashFlow

− 12.013

− 12.237

0.164**

(− 0.68)

(− 0.70)

(2.13)

BM

− 10.775***

− 10.573***

− 0.042***

(− 4.54)

(− 4.42)

(− 3.56)

Intan

− 11.970

− 11.506

0.114

(− 0.29)

(− 0.28)

(0.54)

SOE

− 4.351

− 4.179

0.080**

(− 0.55)

(− 0.53)

(2.00)

Indep

0.368

0.362

− 0.002

(0.98)

(0.96)

(− 1.05)

Dual

3.706

3.716

− 0.024

(1.25)

(1.25)

(− 1.39)

Inst

0.121

0.106

− 0.001*

(0.95)

(0.81)

(− 1.66)

Board

6.487

6.711

− 0.093

(0.43)

(0.44)

(− 1.25)

Top1

0.267

0.273

0.001

(1.54)

(1.57)

(0.77)

Salary

− 2.007

− 1.996

0.023*

(− 0.79)

(− 0.79)

(1.92)

Constant

231.087**

236.824**

1.927***

(2.49)

(2.55)

(4.21)

Observations

21,362

21,362

21,362

Firm FE

YES

YES

YES

Year FE

YES

YES

YES

Adj-R²

0.343

0.343

0.552