;(1);(2)
;"State-owned companies";"Non-state-owned companies"
ESG;0.000**;0.001***
;(2.996);(6.422)
Size;-0.002;0.013***
;(-1.711);(9.991)
Lev;-0.002***;-0.003***
;(-6.581);(-8.141)
Cashflow;0.164***;0.220***
;(25.350);(33.462)
Dual;0.001;0.001
;(0.656);(0.566)
TOP1;-0.000;0.000***
;(-0.184);(4.896)
Age;-0.009**;-0.019***
;(-2.923);(-8.421)
Constant;0.083*;-0.297***
;(2.444);(-7.485)
N;7375;13503
R2;0.632;0.576
Company;YES;YES
Year;YES;YES