Table 7 Exclusion of alternative interpretations and eliminating abnormal samples.
From: Environmental vertical management reform and firms’ ESG performance: evidence from China
(1) | (2) | (3) | (4) | (5) | |
|---|---|---|---|---|---|
ESG | ESG | ESG | ESG | ESG | |
Vertical | 0.059** | 0.075*** | 0.067*** | 0.106*** | 0.065** |
(0.024) | (0.025) | (0.026) | (0.038) | (0.029) | |
Inspection | 0.018 | ||||
(0.041) | |||||
Controls | Yes | Yes | Yes | Yes | Yes |
Firm FE | Yes | Yes | Yes | Yes | Yes |
Year FE | Yes | Yes | Yes | Yes | Yes |
Industry FE | Yes | Yes | Yes | Yes | Yes |
Province FE | NO | NO | Yes | NO | NO |
Province*Industry | NO | NO | Yes | NO | NO |
Year*Industry | NO | NO | Yes | NO | NO |
N | 25336 | 32424 | 32311 | 16397 | 25895 |
Adj.R2 | 0.500 | 0.466 | 0.483 | 0.450 | 0.457 |
