Table 4 Endogeneity test.

From: Environmental protection strategic alliance and enterprise green innovation

 

(1)

(2)

(3)

(4)

(5)

(6)

 

Alternative variable measurement method

2SLS

Entropy plane balance test

Multi-phase DID test

Excluded weight polluting industry

Exclude low-carbon cities

 

Ginv

Ginv1

GAlliance

Ginv

Ginv

Ginv

Ginv

Ginv

GAlliance1

0.057**

–

–

–

–

–

–

–

 

(2.58)

–

–

–

–

–

–

–

IV

–

–

0.005***

–

–

–

–

–

 

–

–

(7.36)

–

–

–

–

–

GAlliance

–

0.078***

–

1.666***

–

0.074**

0.078***

0.061*

 

–

(2.86)

–

(4.05)

–

(2.06)

(3.02)

(1.69)

GAlliance2

–

–

–

–

0.048*

–

–

–

 

–

–

–

–

(1.84)

–

–

–

Size

0.055*** (5.61)

0.069*** (5.93)

0.026*** (6.14)

0.009 (0.62)

0.094*** (3.74)

0.093*** (3.71)

0.069*** (5.78)

0.045*** (3.68)

LEV

−0.002 (−0.06)

−0.021 (−0.55)

0.012 (0.82)

−0.030 (−0.74)

0.230** (2.38)

0.226** (2.34)

−0.007 (−0.18)

−0.011 (−0.26)

ROA

−0.088 (−1.24)

−0.090 (−1.08)

−0.035 (−1.17)

−0.037 (−0.42)

0.080 (0.36)

0.082 (0.36)

−0.191** (−2.31)

0.022 (0.21)

TOP1

−0.001 (−1.23)

−0.002** (−2.17)

−0.001*** (−3.19)

0.001 (0.77)

−0.001 (−0.50)

−0.001 (−0.47)

−0.001 (−1.06)

−0.001 (−1.06)

Mshare

0.001** (2.07)

0.001*** (2.69)

−0.000 (−1.50)

0.002*** (2.71)

0.003* (1.72)

0.003* (1.74)

0.001 (1.42)

0.001** (2.55)

Board

−0.008 (−0.24)

0.001 (0.03)

0.002 (0.17)

−0.011 (−0.29)

−0.012 (−0.12)

−0.011 (−0.11)

−0.016 (−0.45)

−0.029 (−0.77)

Loss

−0.023** (−2.04)

−0.023* (−1.74)

0.001 (0.12)

−0.023* (−1.65)

−0.029 (−0.79)

−0.029 (−0.80)

−0.042*** (−3.13)

−0.008 (−0.58)

Balance1

−0.025 (−0.94)

−0.047 (−1.49)

−0.025** (−2.21)

0.018 (0.52)

−0.036 (−0.48)

−0.034 (−0.46)

−0.029 (−0.95)

0.019 (0.47)

_cons

−1.056*** (−4.65)

−1.337*** (−4.76)

−7.939*** (−3.15)

−0.596*** (−6.25)

−2.502*** (−3.66)

−2.476*** (−3.63)

−1.290*** (−4.67)

−1.047*** (−3.70)

Year & Ind &Firm

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Cluster

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

N

37,063

37,063

37,063

37,063

37,063

37,063

28,454

15,404

r2

0.049

0.053

0.452

0.044

0.762

0.762

0.054

0.052

LM statistic

–

–

53.651

–

–

–

–

–

P-val

–

–

0.000

–

–

–

–

–

F statistic

–

–

320.422

–

–

–

–

–

  1. Table 4 presents the set of robustness analyses. Column (1) presents the empirical findings for model (1), following changes in how the explanatory variables and other variables are measured; Column (2) provides the empirical results of the main conclusions drawn using the two-stage least squares (2SLS) method; Column (3) presents the results obtained using the entropy balance method; Column (4) shows the empirical results of the main conclusions when the multiphase difference-in-differences (DID) model is applied; Column (5) lists the results after excluding heavily polluting enterprises, and Column (6) presents the empirical findings after excluding samples from low-carbon cities where the enterprises are located. Asterisks indicate the significance levels: *10%, **5%, and ***1%. Corresponding t-values are shown in parentheses.
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