Table 4 Baseline regression results.
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.Coz1 | 0.630*** | 0.585*** | 0.578*** | ||||||
(8.06) | (7.59) | (6.87) | |||||||
L.Coz2 | 0.745*** | 0.655*** | 0.642*** | ||||||
(8.48) | (7.46) | (6.79) | |||||||
L.Coz3 | 0.984*** | 0.873*** | 0.827*** | ||||||
(6.86) | (6.13) | (5.41) | |||||||
L.Size | 0.452*** | 0.451*** | 0.468*** | 0.475*** | 0.477*** | 0.492*** | 0.473*** | 0.475*** | 0.490*** |
(20.25) | (20.04) | (20.34) | (22.83) | (22.74) | (23.15) | (21.54) | (21.47) | (21.90) | |
L.Age | −0.305*** | −0.310*** | −0.318*** | −0.297*** | −0.307*** | −0.316*** | −0.295*** | −0.304*** | −0.312*** |
(−4.39) | (−4.46) | (−4.63) | (−4.04) | (−4.19) | (−4.35) | (−3.95) | (−4.09) | (−4.23) | |
L.Lev | 0.398*** | 0.367*** | 0.404*** | 0.490*** | 0.457*** | 0.486*** | 0.564*** | 0.526*** | 0.562*** |
(3.03) | (2.81) | (3.10) | (3.77) | (3.51) | (3.73) | (3.95) | (3.68) | (3.93) | |
L.Cashflow | −1.196*** | −1.192*** | −1.155*** | −1.223*** | −1.197*** | −1.148*** | −1.368*** | −1.340*** | −1.278*** |
(−3.20) | (−3.19) | (−3.06) | (−3.30) | (−3.23) | (−3.08) | (−3.34) | (−3.28) | (−3.11) | |
L.Growth | 0.199*** | 0.197*** | 0.199*** | 0.188*** | 0.185*** | 0.186*** | 0.194*** | 0.192*** | 0.191*** |
(3.17) | (3.15) | (3.19) | (3.21) | (3.16) | (3.18) | (3.01) | (2.98) | (2.96) | |
L.Dual | 0.153*** | 0.147*** | 0.145** | 0.067 | 0.061 | 0.061 | 0.059 | 0.054 | 0.058 |
(2.73) | (2.61) | (2.56) | (1.20) | (1.09) | (1.08) | (0.96) | (0.87) | (0.92) | |
L.Indep | 1.234*** | 1.169** | 1.202*** | 1.292*** | 1.245*** | 1.274*** | 1.535*** | 1.488*** | 1.503*** |
(2.68) | (2.55) | (2.62) | (2.80) | (2.69) | (2.76) | (3.08) | (2.99) | (3.02) | |
L.Board | 0.538*** | 0.480*** | 0.486*** | 0.467*** | 0.418*** | 0.426*** | 0.480*** | 0.430*** | 0.435*** |
(3.77) | (3.40) | (3.39) | (3.31) | (2.97) | (2.98) | (3.23) | (2.90) | (2.88) | |
Constant | −3.275*** | −3.086*** | −3.208*** | −3.363*** | −3.199*** | −3.306*** | −3.490*** | −3.330*** | −3.429*** |
(−7.38) | (−6.97) | (−7.13) | (−7.28) | (−6.90) | (−7.05) | (−7.31) | (−6.95) | (−7.08) | |
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 | 0.339 | 0.341 | 0.333 | 0.409 | 0.409 | 0.403 | 0.372 | 0.371 | 0.365 |
