Table 14 Further analysis: The impact of green common institutional ownership.
From: The impact of common institutional ownership on green innovation of China’s energy firms
Dependent variable | (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) | (9) |
|---|---|---|---|---|---|---|---|---|---|
Greenpat | Greenpat | Greenpat | Greenpat | Greenpat | Greenpat | Greenpat | Greenpat | Greenpat | |
L.GreenCoz1 | 0.512*** | 0.552*** | 0.624*** | ||||||
(3.73) | (3.97) | (4.21) | |||||||
L.GreenCoz2 | 0.763*** | 0.778*** | 0.862*** | ||||||
(4.08) | (4.23) | (4.49) | |||||||
L.GreenCoz3 | 0.958*** | 1.096*** | 1.120*** | ||||||
(3.02) | (3.67) | (3.77) | |||||||
L.Size | 0.504*** | 0.505*** | 0.503*** | 0.524*** | 0.524*** | 0.522*** | 0.521*** | 0.522*** | 0.519*** |
(21.91) | (21.98) | (21.80) | (24.94) | (24.99) | (24.90) | (23.38) | (23.43) | (23.30) | |
L.Age | −0.310*** | −0.308*** | −0.300*** | −0.303*** | −0.300*** | −0.295*** | −0.305*** | −0.301*** | −0.295*** |
(−4.49) | (−4.47) | (−4.35) | (−4.12) | (−4.08) | (−4.01) | (−4.08) | (−4.04) | (−3.97) | |
L.Lev | 0.445*** | 0.431*** | 0.456*** | 0.544*** | 0.533*** | 0.548*** | 0.626*** | 0.613*** | 0.636*** |
(3.37) | (3.27) | (3.47) | (4.15) | (4.07) | (4.19) | (4.37) | (4.28) | (4.45) | |
L.Cashflow | −1.074*** | −1.077*** | −1.068*** | −1.077*** | −1.078*** | −1.078*** | −1.170*** | −1.169*** | −1.165*** |
(−2.85) | (−2.86) | (−2.83) | (−2.90) | (−2.91) | (−2.90) | (−2.86) | (−2.86) | (−2.83) | |
L.Growth | 0.185*** | 0.185*** | 0.185*** | 0.171*** | 0.171*** | 0.172*** | 0.176*** | 0.176*** | 0.178*** |
(2.96) | (2.97) | (2.96) | (2.90) | (2.90) | (2.91) | (2.70) | (2.70) | (2.72) | |
L.Dual | 0.161*** | 0.162*** | 0.155*** | 0.083 | 0.083 | 0.077 | 0.081 | 0.081 | 0.074 |
(2.83) | (2.84) | (2.72) | (1.47) | (1.48) | (1.36) | (1.29) | (1.29) | (1.18) | |
L.Indep | 1.249*** | 1.189*** | 1.190** | 1.258*** | 1.211*** | 1.187** | 1.469*** | 1.416*** | 1.411*** |
(2.71) | (2.59) | (2.58) | (2.74) | (2.64) | (2.57) | (2.96) | (2.85) | (2.83) | |
L.Board | 0.584*** | 0.565*** | 0.567*** | 0.508*** | 0.489*** | 0.494*** | 0.513*** | 0.491*** | 0.494*** |
(3.98) | (3.89) | (3.88) | (3.50) | (3.40) | (3.42) | (3.36) | (3.24) | (3.23) | |
Constant | −3.723*** | −3.668*** | −3.676*** | −3.759*** | −3.710*** | −3.707*** | −3.855*** | −3.798*** | −3.796*** |
(−8.14) | (−8.05) | (−8.05) | (−7.97) | (−7.90) | (−7.89) | (−7.92) | (−7.84) | (−7.82) | |
Year FE | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
Industry FE | Yes | Yes | Yes | Yes | Yes | Yes | No | No | No |
Province FE | No | No | No | Yes | Yes | Yes | No | No | No |
Year \(\times\) Ind FE | No | No | No | No | No | No | Yes | Yes | Yes |
Year \(\times\) Prov FE | No | No | No | No | No | No | Yes | Yes | Yes |
N | 2924 | 2924 | 2924 | 2924 | 2924 | 2924 | 2881 | 2881 | 2881 |
Adj_R² | 0.324 | 0.325 | 0.322 | 0.398 | 0.399 | 0.397 | 0.362 | 0.363 | 0.359 |
