Digital Transformation and ESG Performance: A Quasinatural Experiment Based on China’s Environmental Protection Law

Table 12

2SLS and GMM estimation.

	2SLS		GMM
	First stage	Second stage
	(1); DT	(2); ESG	(3); ESG
	0.361 (23.230)		0.635 (43.610)
DT		0.290 (2.410)	0.210 (4.000)
Control	Yes	Yes	Yes
Year fix	Yes	Yes	Yes
Industry fix	Yes	Yes	Yes
	23,409	23,409	23,520
AR (1)			0.000
AR (2)			0.023
Hansen			1.000
Kleibergen-Paap rk LM statistic	159.540
Cragg-Donald Wald statistic	5231.088
Kleibergen-Paap rk Wald statistic	541.079

Notes: -statistics in parentheses. ; ; .