Table 3 Estimation results of instrumental variables in model Eq. (1).
From: Regional carbon efficiency and corporate cash holdings: evidence from China
(1) | (2) | (3) | (4) | |
|---|---|---|---|---|
Variables | Cash1 | Cash2 | Cash1 | Cash2 |
Ceff | −0.0038* | −0.0221*** | −0.0043** | −0.0154*** |
(0.0020) | (0.0062) | (0.0019) | (0.0050) | |
Individual | YES | YES | YES | YES |
Annual | YES | YES | YES | YES |
Control | YES | YES | YES | YES |
Observations | 26,041 | 26,041 | 22,689 | 22,689 |
R2 | 0.4252 | 0.2844 | 0.2528 | 0.1402 |
N | 3030 | 3030 | 3020 | 3020 |
Cragg–Donald Wald F statistic | 16,000 | 16,000 | 15,000 | 15,000 |
