Table 9 Excluding the influence of the New Environmental Protection Law.

Succession_i,t

−0.117***

−0.089***

−0.134***

(−4.319)

(−2.665)

(−3.102)

EAC_i,t

0.508***

(28.016)

Succession×EAC_i,t

−0.057***

(−2.705)

P_year_i,t

0.028***

(4.688)

Succession×P_year_i,t

−0.008*

(−1.833)

ROA_i,t

−0.441***

−0.442***

−0.582***

−0.447***

(−5.782)

(−5.793)

(−7.593)

(−5.864)

Leverage_i,t

0.152***

0.153***

0.190***

0.157***

(4.287)

(4.306)

(5.373)

(4.424)

Growth_i,t

−0.012***

−0.012***

−0.011***

−0.012***

(−3.349)

(−3.327)

(−2.993)

(−3.270)

EC_i,t

0.050

0.048

0.132**

0.056

(0.764)

(0.738)

(2.039)

(0.858)

EB_i,t

−0.007

−0.007

0.002

−0.006

(−0.508)

(−0.518)

(0.117)

(−0.448)

Invest_i,t

0.219***

0.220***

0.113**

0.230***

(4.789)

(4.811)

(2.430)

(5.022)

MS_i,t

0.019

0.027

−0.131**

0.037

(0.291)

(0.424)

(−1.997)

(0.571)

LS_i,t

−0.000

−0.002

−0.007

−0.002

(−0.021)

(−0.113)

(−0.397)

(−0.127)

BS_i,t

0.027***

0.026***

0.025***

0.026***

(5.622)

(5.582)

(5.389)

(5.511)

BI_i,t

0.519***

0.516***

0.499***

0.522***

(3.774)

(3.756)

(3.661)

(3.797)

Size_i,t

0.770***

0.770***

0.737***

0.768***

(120.066)

(120.078)

(104.833)

(118.742)

Age_i,t

0.006***

0.006***

0.007***

0.006***

(5.418)

(5.342)

(6.606)

(5.248)

EPL_new_i,t

0.254***

0.253***

0.166***

0.250***

(6.888)

(6.867)

(4.429)

(6.788)

Ind Fixed effect

Y

Y

Y

Y

Year-Fixed effect

Y

Y

Y

Y

cons

1.812***

1.827***

2.436***

1.854***

(11.645)

(11.709)

(14.824)

(11.846)

N

9214

9214

9214

9214

Adj R²

0.795

0.795

0.798

0.795