Table 15 The effect of industry characteristics.

From: Green investors and ESG ratings divergence

Variables

(1)

(2)

(3)

(4)

Heavily polluting industries

Non-heavily polluting industries

Heavily polluting industries

Non-heavily polluting industries

ESGdif

ESGdif

ESGdif

ESGdif

GI

0.001

− 0.032***

  

(0.07)

(− 3.05)

  

lnGI

  

− 0.015

− 0.041***

  

(− 1.07)

(− 4.70)

Size

− 0.095***

− 0.090***

− 0.072**

− 0.061***

(− 2.89)

(− 4.31)

(− 2.46)

(− 3.22)

Age

0.511***

0.327***

0.466***

0.302***

(9.69)

(9.79)

(9.59)

(9.80)

ROA

− 0.237

− 0.320***

− 0.221

− 0.273***

(− 1.16)

(− 2.90)

(− 1.22)

(− 2.99)

Lev

0.314*

0.366***

0.253*

0.271***

(1.86)

(3.31)

(1.71)

(2.78)

Growth

− 0.007

0.007

− 0.004

0.006

(− 0.43)

(0.89)

(− 0.32)

(1.02)

CashFlow

0.064

0.218**

0.031

0.190**

(0.45)

(2.54)

(0.24)

(2.51)

BM

0.009

− 0.041***

0.006

− 0.041***

(0.42)

(− 3.10)

(0.27)

(− 3.33)

Intan

− 0.098

0.305

− 0.095

0.281

(− 0.26)

(1.29)

(− 0.26)

(1.32)

SOE

0.036

0.083*

0.041

0.072*

(0.55)

(1.77)

(0.75)

(1.75)

Indep

− 0.010***

0.001

− 0.008***

0.001

(− 2.82)

(0.70)

(− 2.61)

(0.75)

Dual

− 0.010

− 0.035*

− 0.014

− 0.033**

(− 0.29)

(− 1.89)

(− 0.49)

(− 2.07)

Inst

− 0.000

− 0.001

− 0.000

− 0.000

(− 0.35)

(− 0.93)

(− 0.32)

(− 0.38)

Board

− 0.402***

0.050

− 0.342***

0.042

(− 2.83)

(0.63)

(− 2.72)

(0.57)

Top1

− 0.000

0.002**

0.000

0.002***

(− 0.16)

(2.31)

(0.04)

(2.58)

Salary

− 0.010

0.037***

− 0.012

0.028**

(− 0.47)

(2.92)

(− 0.62)

(2.46)

Constant

3.113***

1.474***

2.487***

0.953**

(3.81)

(2.98)

(3.45)

(2.12)

N

6,512

17,270

6,512

17,270

Firm fixed effect

YES

YES

YES

YES

Year fixed effect

YES

YES

YES

YES

Adjusted-R2

0.546

0.547

0.576

0.574

The p-value of difference in coefficient between groups

0.057*

0.043**

  1. Robust t-values clustered at the firm level are shown in parentheses, and *, **, and *** indicate significance at the 10%, 5%, and 1% levels, respectively. The p-value of difference in coefficient between groups is the result of Fisher’s Permutation test.
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