Table 4 Robustness check.

From: Green finance policy and corporate carbon emissions: advancing corporate sustainability

Panel A: Delete the special samples

 

Delete samples affected COVID-19

Delete samples for the year of policy implementation

Variable

DID

DML

DID

DML

tce

dce

ice

tce

dce

ice

tce

dce

ice

tce

dce

ice

gfp

−0.206***

−0.139***

−0.068***

−0.213***

−0.144***

−0.069***

−0.277***

−0.179***

−0.098***

−0.282***

−0.182***

−0.100***

 

(0.062)

(0.040)

(0.023)

(0.062)

(0.039)

(0.023)

(0.070)

(0.046)

(0.025)

(0.072)

(0.047)

(0.025)

N

10,764

10,764

10,764

10,764

10,764

10,764

11,960

11,960

11,960

11,960

11,960

11,960

Panel B: Consider macro control variables and replace the explanatory variables

 

Consider macro control variables

Replace the dependent variables

Variable

DID

DML

DID

DML

tce

dce

ice

tce

dce

ice

tce

dce

ice

tce

dce

ice

gfp

−0.226**

−0.155**

−0.071**

−3.109***

−2.609***

−1.032***

−0.627***

−0.401***

−0.221***

−0.660***

−0.420***

−0.233***

 

(0.094)

(0.063)

(0.032)

(0.115)

(0.094)

(0.040)

(0.211)

(0.135)

(0.074)

(0.211)

(0.135)

(0.074)

N

13,156

13,156

13,156

13,156

13,156

13,156

13,156

13,156

13,156

13,156

13,156

13,156

x

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

xn

No

No

No

Yes

Yes

Yes

No

No

No

Yes

Yes

Yes

industry

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

firm

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

year

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

province

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Panel C: Reset double machine learning model

Variable

K-folds = 3

K-folds = 8

NNET

SVM

Interaction

tce

dce

ice

tce

dce

ice

tce

dce

ice

tce

dce

ice

tce

dce

ice

gfp

−0.242***

−0.158***

−0.084***

−0.241***

−0.157***

−0.085***

−0.485***

−0.222***

−0.077***

−0.281***

−0.171***

−0.088***

−0.548***

−0.347***

−0.201***

 

(0.066)

(0.043)

(0.024)

(0.065)

(0.042)

(0.024)

(0.023)

(0.015)

(0.007)

(0.068)

(0.044)

(0.024)

(0.053)

(0.034)

(0.019)

x

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

xn

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

industry

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

firm

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

year

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

province

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

N

13,156

13,156

13,156

13,156

13,156

13,156

13,156

13,156

13,156

13,156

13,156

13,156

13,156

13,156

13,156

  1. In this table, ***denotes significance levels of 1%, and ** in Table 3 denotes significance levels of 5%. * in Table 6 denotes significance levels of 10%. The figures in () are se.
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