Table 1 Variable definition table.
Variable type | Variable name | Variable symbol | Variable measurement |
|---|---|---|---|
Dependent Variable | Environmental Performance | EP | Environmental score from the Bloomberg ESG rating system |
Explanatory Variable | Difference-in-Differences Variable | treat×post | Product of policy dummy variable and time dummy variable |
Mediating Variables | Number of Green Patents | GP | Ln (1 + Number of green invention patents filed by the company) |
Financing Constraint Index | FCA | | − 0.737 × company size + 0.043 × company size² − 0.040 × company age| | |
Control Variables | Debt to Asset Ratio | Lev | Total debt/Total assets |
Return on Assets | ROA | Net profit/Average total assets balance | |
Revenue Growth Rate | Growth | (Current period revenue − Previous period revenue)/Previous period revenue | |
Company Size | Size | Ln (Total assets of the company) | |
Company Age | Age | Ln (Current year − Year of company establishment) | |
Equity Nature | Sen | 1 for state-owned companies, 0 for non-state-owned companies | |
Shareholder Concentration | Largest | Shareholding percentage of the largest shareholder |
