Table 11 Green investors, analyst attention and ESG ratings divergence.

GI

0.215***

(18.17)

lnGI

0.176***

(18.64)

Ana

− 0.028***

(− 3.29)

Size

0.441***

0.418***

− 0.013

(18.61)

(17.81)

(− 0.67)

Age

0.228***

0.249***

0.357***

(6.54)

(7.22)

(11.95)

ROA

2.238***

2.225***

− 0.123

(16.93)

(16.97)

(− 1.06)

Lev

− 0.159

− 0.145

0.356***

(− 1.51)

(− 1.38)

(3.51)

Growth

− 0.024**

− 0.026***

0.002

(− 2.42)

(− 2.65)

(0.25)

CashFlow

− 0.202**

− 0.219**

0.154*

(− 2.16)

(− 2.37)

(1.94)

BM

− 0.205***

− 0.189***

− 0.044***

(− 13.68)

(− 12.84)

(− 3.22)

Intan

0.358

0.411

0.277

(1.37)

(1.58)

(1.24)

SOE

− 0.205***

− 0.193***

0.023

(− 3.62)

(− 3.49)

(0.53)

Indep

0.003

0.002

− 0.001

(1.26)

(1.15)

(− 0.57)

Dual

0.010

0.010

− 0.030*

(0.51)

(0.52)

(− 1.74)

Inst

0.009***

0.008***

− 0.001

(9.87)

(8.54)

(− 0.89)

Board

0.059

0.066

− 0.086

(0.69)

(0.78)

(− 1.10)

Top1

0.000

0.001

0.002**

(0.05)

(0.46)

(2.25)

Salary

0.000

0.000

− 0.000

(0.24)

(0.15)

(− 1.24)

Constant

− 9.072***

− 8.596***

0.490

(− 16.39)

(− 15.68)

(1.04)

N

19,004

19,004

19,004

Firm fixed effect

YES

YES

YES

Year fixed effect

YES

YES

YES

Adjusted-R²

0.672

0.673

0.544