Table 1 Variables and definitions.
From: The impact of common institutional ownership on green innovation of China’s energy firms
Variable Type | Variable | Symbol | Definitions |
|---|---|---|---|
Dependent variable | Corporate green innovation | Greenpat | the natural logarithm of total patent applications in year t plus one. |
Independent variables | Dummy variable of common institutional ownership | Coz1 | An indicator variable that equals 1 if the firm is held by a common institutional investor in any quarter of the year, and 0 otherwise. |
The degree of connection of common institutional ownership | Coz2 | A natural logarithm is obtained by calculating the number of common institutional investors on a quarterly basis, then taking the average, and finally add 1 to take the natural logarithm. | |
The shareholding ratio of common institutional ownership | Coz3 | Shareholding ratio of common institutional ownership, calculate the sum of the shareholding ratios of all common institutional investors quarterly, and then calculate the annual average. | |
Dummy variable of green common institutional ownership | GreenCoz1 | An indicator variable that equals 1 if the company is held by a green common institutional investor in any quarter of the year, and 0 otherwise. | |
The degree of connection of green common institutional ownership | GreenCoz2 | A natural logarithm is obtained by calculating the number of green common institutional investors on a quarterly basis, then taking the average, and finally add 1 to take the natural logarithm. | |
The shareholding ratio of green common institutional ownership | GreenCoz3 | Shareholding ratio of green common institutional ownership, calculate the sum of the shareholding ratios of all green common institutional investors quarterly, and then calculate the annual average. | |
Control variables | Firm size | Size | The natural logarithm of total employees. |
Firm age | Age | The natural logarithm of the number of years of corporate establishment. | |
Financial leverage | Lev | The ratio of total liabilities to total assets. | |
Operating income growth rate | Growth | The ratio of difference between the operating income of the current period and the previous period to operating income of the previous period | |
Cash flow ratio | Cashflow | The ratio of net cash flow from operating activities to total assets. | |
The proportion of independent directors | Indep | The ratio of the number of independent directors to the total number of board members. | |
Board size | Board | The natural logarithm of board size. | |
CEO duality | Dual | An indicator variable that equals 1 when the CEO is also the chairman, otherwise it equals 0. |
