Table 17 The effect of environmental regulation.
Variables | (1) | (2) | (3) | (4) |
|---|---|---|---|---|
High environmental regulation | Low environmental regulation | High environmental regulation | Low environmental regulation | |
ESGdif | ESGdif | ESGdif | ESGdif | |
GI | − 0.036** | 0.003 | ||
(− 2.43) | (0.22) | |||
lnGI | − 0.043*** | − 0.016 | ||
(− 3.63) | (− 1.27) | |||
Size | 0.021 | 0.017 | 0.028 | 0.023 |
(0.78) | (0.64) | (1.05) | (0.84) | |
Age | 0.227*** | 0.240*** | 0.222*** | 0.237*** |
(5.04) | (5.18) | (4.93) | (5.13) | |
ROA | − 0.304** | − 0.217 | − 0.290* | − 0.200 |
(− 1.98) | (− 1.57) | (− 1.89) | (− 1.44) | |
Lev | 0.302** | 0.040 | 0.296** | 0.036 |
(2.11) | (0.30) | (2.07) | (0.27) | |
Growth | 0.005 | 0.000 | 0.006 | 0.000 |
(0.51) | (0.02) | (0.54) | (0.00) | |
CashFlow | 0.042 | 0.023 | 0.049 | 0.025 |
(0.35) | (0.19) | (0.41) | (0.21) | |
BM | − 0.045*** | − 0.021 | − 0.050*** | − 0.024 |
(− 2.98) | (− 1.30) | (− 3.25) | (− 1.50) | |
Intan | − 0.069 | 0.298 | − 0.079 | 0.293 |
(− 0.21) | (0.93) | (− 0.24) | (0.91) | |
SOE | − 0.008 | − 0.017 | − 0.014 | − 0.020 |
(− 0.13) | (− 0.27) | (− 0.22) | (− 0.31) | |
Indep | − 0.001 | 0.002 | − 0.001 | 0.002 |
(− 0.32) | (0.55) | (− 0.29) | (0.55) | |
Dual | 0.007 | − 0.026 | 0.007 | − 0.027 |
(0.26) | (− 0.98) | (0.26) | (− 0.99) | |
Inst | − 0.000 | 0.002* | 0.000 | 0.002* |
(− 0.01) | (1.65) | (0.38) | (1.91) | |
Board | 0.089 | − 0.084 | 0.085 | − 0.085 |
(0.91) | (− 0.74) | (0.87) | (− 0.74) | |
Top1 | 0.003** | 0.003** | 0.003** | 0.003** |
(2.23) | (2.53) | (2.12) | (2.44) | |
Salary | − 0.000 | 0.000 | − 0.000 | 0.000 |
(− 0.83) | (0.46) | (− 0.82) | (0.45) | |
Constant | − 0.260 | − 0.070 | − 0.400 | − 0.181 |
(− 0.42) | (− 0.11) | (− 0.64) | (− 0.28) | |
N | 10,714 | 9,569 | 10,714 | 9,569 |
Firm fixed effect | YES | YES | YES | YES |
Year fixed effect | YES | YES | YES | YES |
Adjusted-R2 | 0.608 | 0.628 | 0.608 | 0.629 |
The p-value of difference in coefficient between groups | 0.013** | 0.057* | ||
