Table 4 Managerial ability and firms’ green innovation—external factors.

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

Panel A: Analysis of environmental regulation

Variable

y = GP

y = GIP

 

(1)

(2)

(3)

(4)

 

HighEnvReg = 1

HighEnvReg = 0

HighEnvReg = 1

HighEnvReg = 0

MA

6.282***

1.432

4.540***

1.476

 

(3.089)

(0.741)

(3.394)

(1.203)

Controls

Yes

Yes

Yes

Yes

Intercept

−24.313

−104.382

−15.621

−70.817

 

(−1.253)

(−1.197)

(−1.267)

(−1.559)

Firm FE

Yes

Yes

Yes

Yes

Year FE

Yes

Yes

Yes

Yes

N

7915

7542

7915

7542

Adj. R2

0.670

0.635

0.647

0.611

Coefficient differences tests for MA

Differences

4.850**

3.064**

(P-value)

(0.029)

(0.033)

Panel B: Analysis of product marketization

Variable

y = GP

y = GIP

 

(1)

(2)

(3)

(4)

 

HighMarket = 1

HighMarket = 0

HighMarket = 1

HighMarket = 0

MA

2.148

6.536***

1.973*

4.573***

 

(1.216)

(2.900)

(1.832)

(3.118)

Controls

Yes

Yes

Yes

Yes

Intercept

−85.895

−27.774

−54.848*

−17.209

 

(−1.507)

(−1.250)

(−1.874)

(−1.246)

Firm FE

Yes

Yes

Yes

Yes

Year FE

Yes

Yes

Yes

Yes

N

8160

7297

8160

7297

Adj. R2

0.647

0.681

0.632

0.656

Coefficient differences tests for MA

Differences

−4.388*

−2.600*

(P-value)

(0.068)

(0.082)

  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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