Table 24 Endogeneity test of green common institutional ownership: Propensity score matching, Heckman’s two-stage method, Lagged independent variable by two period.
From: The impact of common institutional ownership on green innovation of China’s energy firms
Dependent variable | Propensity score matching | Heckman’s two-stage method | Lagged independent variables by two period | ||||||
|---|---|---|---|---|---|---|---|---|---|
(1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) | (9) | |
Greenpat | Greenpat | Greenpat | Greenpat | Greenpat | Greenpat | Greenpat | Greenpat | Greenpat | |
L.GreenCoz1 | 0.705*** | 0.473*** | |||||||
(3.83) | (3.38) | ||||||||
L.GreenCoz2 | 0.965*** | 0.708*** | |||||||
(3.75) | (3.73) | ||||||||
L.GreenCoz3 | 0.877** | 0.852*** | |||||||
(2.14) | (2.59) | ||||||||
L2.GreenCoz1 | 0.476*** | ||||||||
(3.31) | |||||||||
L2.GreenCoz2 | 0.710*** | ||||||||
(3.66) | |||||||||
L2.GreenCoz3 | 0.828** | ||||||||
(2.51) | |||||||||
IMR | 1.518 | 1.467 | 1.398 | ||||||
(0.82) | (0.79) | (0.76) | |||||||
Controls | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
Year FE | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
Industry FE | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
N | 252 | 252 | 252 | 2019 | 2019 | 2019 | 2591 | 2591 | 2591 |
Adj_R² | 0.448 | 0.451 | 0.421 | 0.337 | 0.339 | 0.335 | 0.311 | 0.312 | 0.309 |
