Table 3 Estimated effects of firm size, R&D intensity, and board characteristics on carbon productivity as determined by regression analyses.
Variable | ROA > 0 | ROA < 0 | Patent > 0 | Patent = 0 | Green CEO | Non-green CEO |
|---|---|---|---|---|---|---|
(1) | (2) | (3) | (4) | (5) | (6) | |
Carbon productivity | Carbon productivity | Carbon productivity | Carbon productivity | Carbon productivity | Carbon productivity | |
ETS * industry | 0.047** (2.472) | − 0.072* (− 1.665) | 0.052* (1.963) | 0.022 (0.623) | 0.047* (1.805) | − 0.013 (− 0.450) |
ETS | − 0.031 (− 1.374) | 0.152*** (2.851) | − 0.010 (− 0.289) | 0.009 (0.216) | 0.001 (0.028) | 0.019 (0.499) |
Industry | − 0.061 (− 1.521) | 0.086 (0.988) | − 0.028 (− 0.522) | − 0.050 (− 0.638) | − 0.044 (− 0.814) | 0.012 (0.186) |
Constant | 0.055** (2.090) | 0.021 (0.324) | 0.063 (1.553) | 0.088* (1.884) | 0.080** (2.308) | 0.021 (0.406) |
Observations | 882 | 113 | 522 | 472 | 801 | 194 |
Adjusted R-squared | 0.08 | 0.246 | 0.038 | 0.204 | 0.158 | 0.199 |
Controls | Yes | Yes | Yes | Yes | Yes | Yes |
Year FE | Yes | Yes | Yes | Yes | Yes | Yes |
Industry FE | Yes | Yes | Yes | Yes | Yes | Yes |
