Table 7 Innovation compensation effects by firm size.

From: Green finance for sustainable development: analyzing the effects of green credit on high-polluting firms’ environmental performance

Variable name

High Size

Low Size

(1)

Low GP

(2)

High GP

(3)

Low GP

(4)

High GP

treat×post

1.063*

(0.645)

1.237

(1.354)

0.407

(0.518)

9.236***

(2.335)

Control Variables

YES

YES

YES

YES

Industry Time Trend

YES

YES

YES

YES

Individual Fixed Effects

YES

YES

YES

YES

Time Fixed Effects

YES

YES

YES

YES

Observations

4748

2287

5707

1349

Adjusted R²

0.723

0.780

0.646

0.710

Empirical p-value

0.008**

0.005**

  1. Note: Firm Size Groups: Firms are divided into two groups: High Size (total assets above annual median) and Low Size (below median) to examine scale-dependent policy effects. GP Subgroups: Within each size group, firms are divided into High GP (green innovation above median) and Low GP (below median). ***, **, and * indicate significance levels at 1%, 5%, and 10%, respectively. The values in parentheses are standard errors. “Empirical p-value” is used to test the significance of the difference in adjusted coefficients between groups, obtained through 1000 bootstrap samples.
Back to article page