Table 3 Managerial ability and firms’ green innovation—firm characteristics.

From: Change starts within: does managerial ability matter to green innovation?

Panel A: Analysis of firm ownership type

Variable

y = GP

y = GIP

 

(1)

(2)

(3)

(4)

 

SOE = 1

SOE = 0

SOE = 1

SOE = 0

MA

12.224***

2.476*

10.627***

1.714**

 

(2.719)

(1.873)

(3.218)

(2.000)

Controls

Yes

Yes

Yes

Yes

Intercept

−97.114

−60.252***

−83.318**

−37.684***

 

(−1.646)

(−3.091)

(−2.136)

(−2.772)

Firm FE

Yes

Yes

Yes

Yes

Year FE

Yes

Yes

Yes

Yes

N

4282

11,175

4282

11,175

Adj. R2

0.695

0.601

0.678

0.530

Coefficient differences tests for MA

Differences

9.748***

8.913***

(P-value)

(0.000)

(0.000)

Panel B: Analysis of institutional investor

Variable

y = GP

y = GIP

 

(1)

(2)

(3)

(4)

 

HighIns = 1

HighIns = 0

HighIns = 1

HighIns = 0

MA

6.318***

2.297

5.249***

1.649*

 

(2.626)

(1.444)

(3.325)

(1.690)

Controls

Yes

Yes

Yes

Yes

Intercept

−77.001

−35.613

−40.939

−20.774

 

(−1.643)

(−0.818)

(−1.560)

(−1.109)

Firm FE

Yes

Yes

Yes

Yes

Year FE

Yes

Yes

Yes

Yes

N

7594

7863

7594

7863

Adj. R2

0.677

0.607

0.650

0.566

Coefficient differences tests for MA

Differences

4.021*

3.600***

(P-value)

(0.067)

(0.009)

  1. Estimates are based on OLS regressions with standard errors adjusted for heteroscedasticity and clustered at the listed company level, and numbers reported are regression coefficients with t-statistics in parentheses. *, **, and *** indicate statistical significance at the 10%, 5%, and 1% levels, respectively, based on two-tailed tests. All continuous variables are winsorized at the 1st and 99th percentiles. Variable definitions are presented in Appendix A.
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