Table A2 PSM-DML balance test.

From: Green finance policy and corporate carbon emissions: advancing corporate sustainability

Variable	Unmatched/Matched	Mean		%Bias	t-values	p-values
Variable	Unmatched/Matched	Treated	Control	%Bias	t-values	p-values
Growth	U	0.159	0.147	3.90	2.04	0.042
	M	0.159	0.167	−2.70	−1.19	0.234
Fixed	U	0.234	0.253	−12.2	−6.28	0.000
	M	0.234	0.235	−0.60	−0.28	0.780
Inv	U	0.132	0.135	−3.20	−1.66	0.096
	M	0.132	0.131	0.20	0.08	0.936
REC	U	0.131	0.115	16.40	8.54	0.000
	M	0.129	0.129	−0.70	−0.29	0.770
Cash	U	0.054	0.051	6.00	3.13	0.002
	M	0.054	0.055	−1.80	−0.81	0.419
ROA	U	0.046	0.042	6.40	3.36	0.001
	M	0.046	0.047	−1.70	−0.74	0.462
Size	U	22.365	0.552	−14.7	−7.53	0.000
	M	22.372	0.361	0.70	0.35	0.727
Lev	U	0.418	0.429	−5.70	−2.97	0.003
	M	0.417	0.415	1.20	0.53	0.599
ATO	U	0.684	0.653	8.00	4.17	0.000
	M	0.675	0.671	1.10	0.50	0.620
Growth*Growth	U	0.112	0.118	−1.40	−0.73	0.463
	M	0.112	0.130	−4.70	−2.00	0.046
Growth*Fixed	U	0.034	0.035	−0.40	−0.22	0.826
	M	0.035	0.038	−3.80	−1.63	0.103
Growth*Inv	U	0.021	0.020	2.10	1.05	0.292
	M	0.021	0.022	−2.90	−1.29	0.197
Growth*REC	U	0.022	0.018	8.80	4.62	0.000
	M	0.022	0.023	−1.60	−0.66	0.508
Growth*Cashflow	U	0.009	0.008	4.20	2.20	0.028
	M	0.009	0.009	−1.60	−0.68	0.497
Growth*ROA	U	0.012	0.010	6.40	3.43	0.001
	M	0.012	0.012	−2.20	−0.89	0.372
Growth*Size	U	3.570	0.323	3.60	1.87	0.061
	M	3.578	0.761	−2.70	−1.16	0.246
Growth*Lev	U	0.068	0.064	2.30	1.17	0.242
	M	0.068	0.071	−2.40	−1.05	0.294
Growth*ATO	U	0.126	0.111	5.80	3.05	0.002
	M	0.124	0.128	−1.40	−0.60	0.548
Growth*Growth	U	0.034	0.035	−0.40	−0.22	0.826
	M	0.035	0.038	−3.80	−1.63	0.103
Fixed*Fixed	U	0.077	0.091	−13.5	−6.91	0.000
	M	0.077	0.078	−1.30	−0.63	0.532
Fixed*Inv	U	0.027	0.029	−9.30	−4.73	0.000
	M	0.027	0.026	1.90	0.92	0.356
Fixed*REC	U	0.026	0.023	16.10	8.57	0.000
	M	0.026	0.026	0.50	0.20	0.840
Fixed*Cashflow	U	0.015	0.016	−3.80	−1.94	0.052
	M	0.015	0.015	−2.60	−1.22	0.221
Fixed*ROA	U	0.010	0.010	−0.90	−0.47	0.638
	M	0.010	0.011	−2.60	−1.19	0.234
Fixed*Size	U	5.256	0.748	−13.40	−6.88	0.000
	M	5.268	0.290	−0.60	−0.28	0.782
Fixed*Lev	U	0.101	0.113	−12.8	−6.51	0.000
	M	0.101	0.101	0.60	0.28	0.783
Fixed*ATO	U	0.154	0.163	−6.90	−3.49	0.000
	M	0.154	0.153	0.20	0.09	0.929
Inv*Growth	U	0.021	0.020	2.10	1.05	0.292
	M	0.021	0.022	−2.90	−1.29	0.197
Inv*Fixed	U	0.027	0.029	−9.30	−4.73	0.000
	M	0.027	0.026	1.90	0.92	0.356
Inv*Inv	U	0.026	0.028	−4.60	−2.41	0.016
	M	0.026	0.026	−0.20	−0.07	0.942
Inv*REC	U	0.018	0.016	8.60	4.50	0.000
	M	0.018	0.018	−0.40	−0.17	0.862
Inv*Cashflow	U	0.006	0.005	6.30	3.26	0.001
	M	0.006	0.006	−0.40	−0.18	0.861
Inv*ROA	U	0.006	0.005	5.00	2.59	0.009
	M	0.006	0.006	−0.80	−0.34	0.736
Inv*Size	U	2.935	0.029	−4.30	−2.23	0.026
	M	2.932	0.926	0.30	0.12	0.906
Inv*Lev	U	0.058	0.061	−5.60	−2.88	0.004
	M	0.058	0.057	0.50	0.25	0.801
Inv*ATO	U	0.097	0.097	0.20	0.09	0.930
	M	0.095	0.094	1.50	0.72	0.474
REC*Growth	U	0.022	0.018	8.80	4.62	0.000
	M	0.022	0.023	−1.60	−0.66	0.508
REC*Fixed	U	0.026	0.023	16.1	8.57	0.000
	M	0.026	0.026	0.50	0.20	0.840
REC*Inv	U	0.018	0.016	8.60	4.50	0.000
	M	0.018	0.018	−0.40	−0.17	0.862
REC*REC	U	0.026	0.022	9.60	5.05	0.000
	M	0.025	0.025	−1.80	−0.80	0.425
REC*Cashflow	U	0.006	0.004	15.3	8.20	0.000
	M	0.006	0.006	−1.60	−0.70	0.486
REC*ROA	U	0.006	0.005	11.6	6.23	0.000
	M	0.006	0.006	−2.00	−0.85	0.397
REC*Size	U	2.906	0.573	15.90	8.31	0.000
	M	2.867	0.879	−0.60	−0.27	0.786
REC*Lev	U	0.057	0.050	12.5	6.56	0.000
	M	0.056	0.056	0.10	0.06	0.953
REC*ATO	U	0.096	0.077	20.2	11.07	0.000
	M	0.092	0.092	−0.40	−0.20	0.843
Cashflow*Growth	U	0.009	0.008	4.20	2.20	0.028
	M	0.009	0.009	−1.60	−0.68	0.497
Cashflow*Fixed	U	0.015	0.016	−3.80	−1.94	0.052
	M	0.015	0.015	−2.60	−1.22	0.221
Cashflow*Inv	U	0.006	0.005	6.30	3.26	0.001
	M	0.006	0.006	−0.40	−0.18	0.861
Cashflow*REC	U	0.006	0.004	15.30	8.20	0.000
	M	0.006	0.006	−1.60	−0.70	0.486
Cashflow*Cashflow	U	0.007	0.006	3.60	1.90	0.057
	M	0.007	0.007	−2.00	−0.85	0.393
Cashflow*ROA	U	0.004	0.003	5.20	2.74	0.006
	M	0.004	0.004	−0.80	−0.35	0.724
Cashflow*Size	U	1.223	0.156	4.90	2.55	0.011
	M	1.222	0.245	−1.70	−0.74	0.460
Cashflow*Lev	U	0.021	0.021	2.60	1.35	0.177
	M	0.021	0.021	−0.60	−0.28	0.777
Cashflow*ATO	U	0.041	0.036	7.10	3.78	0.000
	M	0.040	0.041	−0.80	−0.38	0.705
ROA*Growth	U	0.012	0.010	6.40	3.43	0.001
	M	0.012	0.012	−2.20	−0.89	0.372
ROA*Fixed	U	0.010	0.010	−0.90	−0.47	0.638
	M	0.010	0.011	−2.60	−1.19	0.234
ROA*Inv	U	0.006	0.005	5.00	2.59	0.009
	M	0.006	0.006	−0.80	−0.34	0.736
ROA*REC	U	0.006	0.005	11.6	6.23	0.000
	M	0.006	0.006	−2.00	−0.85	0.397
ROA*Cashflow	U	0.004	0.003	5.20	2.74	0.006
	M	0.004	0.004	−0.80	−0.35	0.724
ROA*ROA	U	0.005	0.004	6.50	3.40	0.001
	M	0.005	0.005	−0.70	−0.30	0.763
ROA*Size	U	1.025	0.956	5.90	3.10	0.002
	M	1.038	0.055	−1.50	−0.65	0.516
ROA*Lev	U	0.016	0.014	6.90	3.64	0.000
	M	0.016	0.016	−1.20	−0.53	0.599
ROA*ATO	U	0.036	0.032	8.80	4.64	0.000
	M	0.036	0.036	0.10	0.03	0.976
Size*Growth	U	3.570	0.323	3.60	1.87	0.061
	M	3.578	0.761	−2.70	−1.16	0.246
Size*Fixed	U	5.256	0.748	−13.4	−6.88	0.000
	M	5.268	0.290	−0.60	−0.28	0.782
Size*Inv	U	2.935	0.029	−4.30	−2.23	0.026
	M	2.932	0.926	0.30	0.12	0.906
Size*REC	U	2.906	0.573	15.90	8.31	0.000
	M	2.867	0.879	−0.60	−0.27	0.786
Size*Cashflow	U	1.223	0.156	4.90	2.55	0.011
	M	1.222	0.245	−1.70	−0.74	0.460
Size*ROA	U	1.025	0.956	5.90	3.10	0.002
	M	1.038	0.055	−1.50	−0.65	0.516
Size*Size	U	501.585	0.450	−15.2	−7.75	0.000
	M	501.835	0.410	0.70	0.34	0.731
Size*Lev	U	9.464	0.815	−7.60	−3.94	0.000
	M	9.449	0.401	1.00	0.47	0.638
Size*ATO	U	15.318	0.758	6.30	3.28	0.001
	M	15.124	0.014	1.20	0.58	0.560
Lev*Growth	U	0.068	0.064	2.30	1.17	0.242
	M	0.068	0.071	−2.40	−1.05	0.294
Lev*Fixed	U	0.101	0.113	−12.80	−6.51	0.000
	M	0.101	0.101	0.60	0.28	0.783
Lev*Inv	U	0.058	0.061	−5.60	−2.88	0.004
	M	0.058	0.057	0.50	0.25	0.801
Lev*REC	U	0.057	0.050	12.50	6.56	0.000
	M	0.056	0.056	0.10	0.06	0.953
Lev*Cashflow	U	0.021	0.021	2.60	1.35	0.177
	M	0.021	0.021	−0.60	−0.28	0.777
Lev*ROA	U	0.016	0.014	6.90	3.64	0.000
	M	0.016	0.016	−1.20	-0.53	0.599
Lev*Size	U	9.464	0.815	−7.60	−3.94	0.000
	M	9.449	0.401	1.00	0.47	0.638
Lev*Lev	U	0.209	0.222	−7.90	−4.09	0.000
	M	0.208	0.207	0.90	0.42	0.676
Lev*ATO	U	0.296	0.291	1.90	0.99	0.323
	M	0.290	0.286	1.80	0.87	0.382
ATO*Growth	U	0.126	0.111	5.80	3.05	0.002
	M	0.124	0.128	−1.40	−0.60	0.548
ATOFixed*	U	0.154	0.163	−6.90	−3.49	0.000
	M	0.154	0.153	0.20	0.09	0.929
ATO*Inv	U	0.097	0.097	0.20	0.09	0.930
	M	0.095	0.094	1.50	0.72	0.474
ATO*REC	U	0.096	0.077	20.2	11.07	0.000
	M	0.092	0.092	−0.40	−0.20	0.843
ATO*Cashflow	U	0.041	0.036	7.10	3.78	0.000
	M	0.040	0.041	−0.80	−0.38	0.705
ATO*ROA	U	0.036	0.032	8.80	4.64	0.000
	M	0.036	0.036	0.10	0.03	0.976
ATO*Size	U	15.318	0.758	6.30	3.28	0.001
	M	15.124	0.014	1.20	0.58	0.560
ATO*Lev	U	0.296	0.291	1.90	0.99	0.323
	M	0.290	0.286	1.80	0.87	0.382
ATO*ATO	U	0.620	0.580	4.80	2.53	0.011
	M	0.595	0.580	1.80	0.88	0.376
GrowthGrowthGrowth	U	0.100	0.115	−2.40	−1.21	0.226
	M	0.101	0.131	−5.10	−2.15	0.031
FixedFixedFixed	U	0.032	0.040	−13.10	−6.71	0.000
	M	0.032	0.033	−1.70	−0.82	0.413
InvInvInv	U	0.007	0.008	−3.50	−1.85	0.064
	M	0.007	0.007	−0.20	−0.09	0.926
RECRECREC	U	0.006	0.006	5.90	3.09	0.002
	M	0.006	0.006	−2.40	−1.09	0.275
CashflowCashflowCashflow	U	0.001	0.001	3.40	1.80	0.073
	M	0.001	0.001	−2.20	−0.94	0.349
ROAROAROA	U	0.000	0.000	1.60	0.86	0.390
	M	0.000	0.000	−0.10	−0.04	0.968
SizeSizeSize	U	11281	11597	−15.7	−7.96	0.000
	M	11290	11276	0.70	0.34	0.733
LevLevLev	U	0.116	0.128	−9.40	−4.81	0.000
	M	0.116	0.115	0.70	0.33	0.745
ATOATOATO	U	0.729	0.680	2.90	1.51	0.132
	M	0.672	0.634	2.20	1.10	0.269

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Table A2 PSM-DML balance test.

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