Table 9 Mechanism analysis of cross-risk contagion.
From: Band together or go it alone? Climate risk and corporate collaborative innovation
(1) | (2) | (3) | (4) | (5) | |
|---|---|---|---|---|---|
Variables | risk | risk | ci1 | ci1 | ci1 |
risk | −0.0058 | −0.0060 | −0.0070 | ||
(−0.49) | (−0.51) | (−0.60) | |||
cc1 | 0.0136 | ||||
(1.36) | |||||
cc2 | 0.0133*** | ||||
(5.02) | |||||
L.cc1 | 0.1011*** | ||||
(4.56) | |||||
L.cc2 | 0.0376*** | ||||
(6.52) | |||||
L.leverage | −0.0581*** | −0.0558*** | 0.0483 | 0.0487 | 0.0560 |
(−3.12) | (−3.00) | (1.20) | (1.21) | (1.39) | |
L.roa | −0.1296*** | −0.1316*** | 0.4633*** | 0.4552*** | 0.4584*** |
(−3.43) | (−3.48) | (5.67) | (5.57) | (5.61) | |
L.lnSale | 0.0166*** | 0.0153*** | 0.1205*** | 0.1181*** | 0.1151*** |
(4.60) | (4.23) | (15.43) | (15.09) | (14.67) | |
L.dual | 0.0095 | 0.0097 | 0.0035 | 0.0036 | 0.0050 |
(1.37) | (1.40) | (0.23) | (0.24) | (0.34) | |
L.tang | 0.0231 | 0.0210 | −0.0259 | −0.0307 | −0.0336 |
(1.14) | (1.04) | (−0.59) | (−0.70) | (−0.77) | |
L.indep | 0.0003 | 0.0003 | 0.0016 | 0.0015 | 0.0015 |
(0.47) | (0.49) | (1.20) | (1.18) | (1.18) | |
L.top1 | 0.0007** | 0.0006** | 0.0006 | 0.0005 | 0.0004 |
(2.12) | (2.02) | (0.83) | (0.68) | (0.63) | |
L.growth | 0.0143*** | 0.0144*** | −0.0041 | −0.0040 | −0.0038 |
(2.98) | (3.01) | (−0.40) | (−0.39) | (−0.37) | |
L.lnage | 0.0195*** | 0.0193*** | 0.0746*** | 0.0764*** | 0.0738*** |
(3.11) | (3.07) | (5.49) | (5.62) | (5.44) | |
L.cflow | −0.0990*** | −0.0984*** | −0.1804** | −0.1818*** | −0.1763** |
(−3.05) | (−3.03) | (−2.57) | (−2.59) | (−2.52) | |
Constant | −0.0449 | −0.0365 | −2.3336*** | −2.2961*** | −2.2747*** |
(−0.60) | (−0.49) | (−14.36) | (−14.12) | (−13.99) | |
Sobel Z | 4.10*** | ||||
Bootstrap (500 replicates) Testing confidence intervals | [0.001153, 0.0032624] | ||||
Observations | 38,425 | 38,425 | 38,425 | 38,425 | 38,425 |
Number of id | 4771 | 4771 | 4771 | 4771 | 4771 |
Adjusted R-squared | 0.012 | 0.013 | −0.042 | −0.041 | −0.041 |
Company FE | Yes | Yes | Yes | Yes | Yes |
Year FE | Yes | Yes | Yes | Yes | Yes |
