Table 6 Heterogeneity analysis results.
From: Digital transformation as an ESG performance catalyst with insights from China’s external governance
Variables | Environmental disclosure | No environmental disclosure | Heavily polluting industries | Non-heavily polluting industries | Higher factor market distortions | Lower factor market distortions |
|---|---|---|---|---|---|---|
(1) | (2) | (3) | (4) | (5) | (6) | |
DT | 0.027** | -0.026 | 0.052** | 0.014 | 0.023 | 0.025* |
(2.28) | (-1.48) | (2.55) | (1.18) | (1.55) | (1.96) | |
Size | 0.222*** | 0.236*** | 0.209*** | 0.234*** | 0.224*** | 0.210*** |
(10.30) | (4.95) | (4.47) | (10.10) | (8.83) | (7.55) | |
Lev | -0.747*** | -0.430*** | -0.685*** | -0.762*** | -0.792*** | -0.597*** |
(-12.08) | (-2.91) | (-4.99) | (-11.34) | (-11.53) | (-7.16) | |
Roa | 0.071 | 0.262 | -0.071 | 0.189 | 0.010 | 0.379* |
(0.58) | (0.80) | (-0.22) | (1.62) | (0.05) | (1.91) | |
Tobinq | 0.004 | -0.004 | -0.010 | 0.002 | 0.004 | -0.002 |
(0.80) | (-0.36) | (-1.40) | (0.43) | (0.57) | (-0.26) | |
Listage | -0.146*** | -0.228*** | -0.167** | -0.160*** | -0.123*** | -0.183*** |
(-4.67) | (-3.69) | (-2.82) | (-4.62) | (-3.81) | (-5.03) | |
Mfee | -1.043*** | -0.514 | -1.652*** | -0.807*** | -1.136*** | -0.945*** |
(-6.05) | (-1.49) | (-5.76) | (-5.28) | (-5.58) | (-4.69) | |
Indep | 0.816*** | 1.480*** | 0.854*** | 0.890*** | 0.858*** | 0.856*** |
(5.25) | (5.14) | (3.90) | (5.71) | (3.84) | (4.65) | |
Top1 | 0.185* | 0.087 | 0.294 | 0.190* | 0.443*** | 0.122 |
(1.73) | (0.37) | (1.33) | (1.73) | (3.35) | (0.99) | |
Bm | -0.002 | 0.059 | 0.073 | -0.031 | 0.049 | -0.024 |
(-0.04) | (0.47) | (1.05) | (-0.71) | (0.88) | (-0.42) | |
Growth | -0.062*** | -0.104*** | -0.117*** | -0.048*** | -0.066*** | -0.076*** |
(-3.59) | (-3.70) | (-5.74) | (-2.72) | (-3.38) | (-3.40) | |
Constant | -0.526 | -1.016 | -0.312 | -0.743 | -0.712 | -0.218 |
(-1.21) | (-1.06) | (-0.33) | (-1.63) | (-1.38) | (-0.38) | |
Firm FE | Yes | Yes | Yes | Yes | Yes | Yes |
Year FE | Yes | Yes | Yes | Yes | Yes | Yes |
Industry FE | Yes | Yes | Yes | Yes | Yes | Yes |
City FE | Yes | Yes | Yes | Yes | Yes | Yes |
Observations | 27534 | 4984 | 8450 | 24638 | 16602 | 16106 |
R-squared | 0.603 | 0.779 | 0.604 | 0.617 | 0.630 | 0.652 |
