Table 8 Heterogeneity analysis at the firm level.

From: Environmental judicial reform and corporate greenwashing: evidence from China’s environmental public interest litigation pilot

Panel A: Firms ownership

 

(1)

(2)

 

Non-SOE

SOE

DID

−0.188**

−0.430***

 

(−2.258)

(−2.684)

Controls

Yes

Yes

Firm FE

Yes

Yes

Year FE

Yes

Yes

City FE

Yes

Yes

DIFF

0.000***

N

6498

4396

Adj.R2

0.377

0.406

Panel B: External coverage

 

Analyst coverage

Media coverage

 

(1)

(2)

(3)

(4)

 

More

Less

More

Less

DID

−0.141

−0.353***

−0.223*

−0.307***

 

(−1.318)

(−3.925)

(−1.898)

(−2.834)

Controls

Yes

Yes

Yes

Yes

Firm FE

Yes

Yes

Yes

Yes

Year FE

Yes

Yes

Yes

Yes

City FE

Yes

Yes

Yes

Yes

DIFF

0.000***

0.010**

N

4400

6674

4168

6895

Adj.R2

0.362

0.370

0.388

0.381

  1. This table examines the impact of EPIL on greenwashing across various subsamples divided by firm-level characteristics. In Panel A, the full sample is partitioned into State-Owned Enterprises (labeled as “SOE”), and the remaining sample falls into the “Non-SOE” group based on firms’ state ownership. In Panel B, we categorize firms as “less (concerned)” or “more (concerned)” based on whether their analyst coverage (ANALYST) and media coverage (MEDIA) fall below or above the sample median. DIFF denotes the p-value for tests comparing the equality of the DID coefficients between a set of subsamples. Variable definitions are provided in Appendix A. Figures in parentheses are t-statistics. ***, **, and * denote statistical significance at the 1%, 5%, and 10% levels, respectively. Standard errors are clustered at the city level.
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