Table 6 Endogeneity test: 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.Coz1 | 0.571*** | 0.547*** | |||||||
(5.48) | (6.74) | ||||||||
L.Coz2 | 0.676*** | 0.639*** | |||||||
(5.68) | (6.86) | ||||||||
L.Coz3 | 0.809*** | 0.767*** | |||||||
(4.76) | (5.11) | ||||||||
L2.Coz1 | 0.663*** | ||||||||
(7.87) | |||||||||
L2.Coz2 | 0.780*** | ||||||||
(8.44) | |||||||||
L2.Coz3 | 1.002*** | ||||||||
(6.84) | |||||||||
IMR | 2.555*** | 2.395*** | 2.520*** | ||||||
(5.29) | (4.83) | (5.02) | |||||||
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 | 870 | 870 | 870 | 2924 | 2924 | 2924 | 2591 | 2591 | 2591 |
Adj_R² | 0.304 | 0.307 | 0.294 | 0.347 | 0.348 | 0.340 | 0.328 | 0.330 | 0.321 |
