Table 5 Heterogeneous analysis.
From: Green finance policy and corporate carbon emissions: advancing corporate sustainability
Variable | DID | DML | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
tce | dce | ice | tce | dce | ice | |||||||
(1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) | (9) | (10) | (11) | (12) | |
Panel A: Corporate energy efficiency | ||||||||||||
High | Low | High | Low | High | Low | High | Low | High | Low | High | Low | |
gfp | −0.543*** | 0.008 | −0.356*** | 0.005 | −0.187*** | 0.004 | −0.524*** | 0.012 | −0.341*** | 0.007 | −0.183*** | 0.007 |
(0.121) | (0.020) | (0.079) | (0.013) | (0.044) | (0.007) | (0.122) | (0.018) | (0.079) | (0.011) | (0.044) | (0.011) | |
N | 6531 | 6539 | 6531 | 6539 | 6531 | 6539 | 6578 | 6578 | 6578 | 6578 | 6578 | 6578 |
Panel B: Regional financial development | ||||||||||||
Developed | Undeveloped | Developed | Undeveloped | Developed | Undeveloped | Developed | Undeveloped | Developed | Undeveloped | Developed | Undeveloped | |
gfp | −0.493*** | −0.143*** | −0.320*** | −0.093*** | −0.174*** | −0.050*** | −0.425*** | −0.112*** | −0.274*** | −0.074*** | −0.151*** | −0.038*** |
(0.124) | (0.036) | (0.080) | (0.024) | (0.045) | (0.013) | (0.118) | (0.032) | (0.076) | (0.021) | (0.042) | (0.011) | |
N | 6952 | 6164 | 6952 | 6164 | 6952 | 6164 | 6976 | 6180 | 6976 | 6180 | 6976 | 6180 |
suet | 26.88*** | 26.87*** | 26.70*** | 13.08*** | 12.94*** | 13.24*** | ||||||
Panel C: Industrial competitiveness | ||||||||||||
Highly | Lowly | Highly | Lowly | Highly | Lowly | Highly | Lowly | Highly | Lowly | Highly | Lowly | |
gfp | −0.423*** | −0.061 | −0.276*** | −0.041 | −0.146*** | −0.021 | −0.432*** | −0.061 | −0.280*** | −0.040 | −0.152*** | −0.021 |
(0.114) | (0.049) | (0.074) | (0.032) | (0.041) | (0.017) | (0.108) | (0.039) | (0.070) | (0.026) | (0.039) | (0.013) | |
N | 6460 | 6492 | 6460 | 6492 | 6460 | 6492 | 6559 | 6597 | 6559 | 6597 | 6559 | 6597 |
x | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
xn | No | No | No | No | No | No | Yes | Yes | Yes | Yes | Yes | Yes |
industry | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
firm | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
year | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
province | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
