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

Table 6

Benchmark DID test.

	Model 3		Model 4
	(1)	(2)	(3)	(4)
	EERE	POLLUT	EERE	POLLUT
TREAT	0.139 (0.355)	0.297 (0.280)	0.039 (0.064)	0.023 (0.050)
POST	0.238 (0.055)	0.253 (0.055)	0.047 (0.010)	0.046 (0.010)
	0.117 (0.022)	0.072 (0.024)	-0.013 (0.004)	-0.012 (0.004)
SIZE	0.188 (0.014)	0.185 (0.014)	-0.008 (0.002)	-0.007 (0.002)
LEV	-0.694 (0.053)	-0.693 (0.053)	0.002 (0.009)	0.001 (0.009)
ROA	1.021 (0.100)	1.025 (0.100)	-0.083 (0.018)	-0.083 (0.018)
CASH	-0.280 (0.085)	-0.284 (0.085)	0.005 (0.015)	0.006 (0.015)
FIXED	0.138 (0.069)	0.145 (0.069)	-0.091 (0.012)	-0.092 (0.012)
INDEP	-0.217 (0.139)	-0.214 (0.139)	0.024 (0.025)	0.023 (0.025)
BM	0.041 (0.008)	0.042 (0.008)	-0.008 (0.001)	-0.009 (0.001)
AGE	-0.321 (0.080)	-0.313 (0.080)	-0.026 (0.014)	-0.027 (0.014)
Cons	3.051 (0.429)	3.079 (0.429)	0.366 (0.077)	0.366 (0.077)
Year fix	Yes	Yes	Yes	Yes
Industry fix	Yes	Yes	Yes	Yes
	27,338	27,338	27,338	27,338
Adj.	-0.084	-0.084	-0.099	-0.099

Notes: standard errors in parentheses. ; ; .