Table 5 Addressing endogeneity issues.

From: Environmental vertical management reform and firms’ ESG performance: evidence from China

  

ESG

 
 

(1) PSM (Weight! = 0)

(2) Add controls

(3) Exclude specific samples

Vertical

0.086***

0.071**

0.105**

 

(0.026)

(0.031)

(0.042)

City_num

 

−0.003

 
  

(0.015)

 

ScidGRP_prov

 

−0.059

 
  

(0.112)

 

Pubrnue_prov

 

−0.089

 
  

(0.100)

 

Envepd_prov

 

0.034

 
  

(0.050)

 

Indupolinves_prov

 

0.055***

 
  

(0.019)

 

PM25year_prov

 

0.003

 
  

(0.003)

 

Controls

YES

YES

YES

Firm/Year/Industry FE

YES

YES

YES

N

29460

24178

14381

Adj.R2

0.479

0.460

0.467

  1. Standard errors in parentheses.
  2. ***1% Significance, **5% Significance, *10% Significance.
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