Table 12 The mechanism test.
From: Does corporate digital transformation restrain ESG decoupling? Evidence from China
Variables | (1) | (2) | (3) | (4) |
|---|---|---|---|---|
Icw | Decoupling | EM | Decoupling | |
Digital | 0.0482*** | −0.1146*** | −0.0082*** | −0.1080*** |
(3.1248) | (−5.8694) | (−3.3447) | (−5.3162) | |
Icw | −0.0310* | |||
(−1.8967) | ||||
EM | 0.5030*** | |||
(4.5478) | ||||
Lev | −1.0032*** | 0.1606 | 0.1548*** | 0.0887 |
(−9.7468) | (1.2241) | (9.4966) | (0.6484) | |
ROE | 4.2680*** | 0.1239 | −0.5798*** | 0.2570 |
(26.9154) | (0.5837) | (−23.0558) | (1.1744) | |
Size | 0.2879*** | −0.3172*** | 0.0098*** | −0.3331*** |
(19.5242) | (−16.4911) | (4.2508) | (−17.3140) | |
Age | −0.0050 | 0.0111*** | 0.0028*** | 0.0089** |
(−1.5176) | (2.6959) | (5.4037) | (2.0469) | |
Growth | 0.1856** | 0.1117 | 0.1509*** | −0.0419 |
(2.3263) | (1.1069) | (11.8415) | (−0.3901) | |
Dual | 0.0259 | 0.0631 | −0.0152** | 0.0859 |
(0.6497) | (1.2504) | (−2.4251) | (1.6448) | |
First | 0.2166* | 0.1343 | 0.0637*** | 0.1419 |
(1.9273) | (0.9444) | (3.5736) | (0.9556) | |
DirNum | −0.0072 | −0.0247*** | −0.0016* | −0.0251*** |
(−1.3334) | (−3.6446) | (−1.8544) | (−3.5849) | |
Inst | −0.0270 | −0.1411 | −0.1221*** | −0.0918 |
(−0.3240) | (−1.3378) | (−9.1577) | (−0.8213) | |
SOE | 0.1194*** | 0.2697*** | 0.0521*** | 0.2373*** |
(3.2148) | (5.7395) | (9.0329) | (4.9072) | |
Constant | 0.8239** | 7.8441*** | −0.2547*** | 8.0484*** |
(2.5222) | (18.9749) | (−4.9962) | (18.9318) | |
Year | Yes | Yes | Yes | Yes |
Industry | Yes | Yes | Yes | Yes |
N | 6047 | 6047 | 5719 | 5719 |
R-squared | 0.3007 | 0.1407 | 0.1973 | 0.1384 |
