Table 3 Baseline regression results.
From: Environmental vertical management reform and firms’ ESG performance: evidence from China
(1) | (2) | |
|---|---|---|
ESG | ESG | |
Vertical | 0.113*** | 0.075*** |
(0.017) | (0.025) | |
Size | 0.459*** | |
(0.021) | ||
Lev | −0.495*** | |
(0.075) | ||
Age | 0.083** | |
(0.039) | ||
Growth | −0.696*** | |
(0.024) | ||
ROA | 0.871*** | |
(0.120) | ||
TobinQ | 0.074*** | |
(0.007) | ||
SOE | −0.025 | |
(0.052) | ||
Board | −0.196*** | |
(0.068) | ||
ProGDP | 0.116 | |
(0.075) | ||
ProGdpgrow | 0.005 | |
(0.006) | ||
Firm FE | NO | YES |
Year FE | NO | YES |
Industry FE | NO | YES |
N | 32618 | 32424 |
Adj.R2 | 0.002 | 0.466 |
