Table 6 Heterogeneity analysis of environmental regulation.

From: Earnings pressure and firm value: the shifting moderating effect of corporate social responsibility

 

2010-2012

2010-2013

2010-2014

2010-2015

2010-2016

2010-2017

2010-2018

2010-2019

2010-2020

CAR[−1,1]

CAR[−1,1]

CAR[−1,1]

CAR[−1,1]

CAR[−1,1]

CAR[−1,1]

CAR[−1,1]

CAR[−1,1]

CAR[−1,1]

Panel A: High environmental regulation

P_Epre×CSR

−0.035 (−1.56)

−0.007 (−0.41)

0.008 (0.52)

0.001 (0.03)

0.002 (0.14)

−0.001 (−0.02)

0.016* (1.73)

0.018** (2.09)

0.013 (1.62)

P_Epre

1.214* (1.95)

0.220 (0.52)

−0.028 (−0.07)

−0.114 (−0.37)

−0.218 (−0.87)

−0.237 (−1.04)

−0.669*** (-3.23)

−0.807*** (-4.36)

−0.742*** (-4.29)

CSR

0.009 (0.53)

0.000 (0.02)

0.008 (0.87)

0.009 (1.30)

0.005 (0.79)

0.008 (1.58)

0.011** (2.14)

0.011** (2.31)

0.011** (2.50)

Controls

Y

Y

Y

Y

Y

Y

Y

Y

Y

Year FE

Y

Y

Y

Y

Y

Y

Y

Y

Y

Firm FE

Y

Y

Y

Y

Y

Y

Y

Y

Y

Obs.

2373

3198

4014

5048

6308

7289

8593

9707

10716

Adj_R2

0.043

0.023

0.021

0.016

0.015

0.019

0.019

0.019

0.018

Panel B: Low environmental regulation

 

2010-2012

2010-2013

2010-2014

2010-2015

2010-2016

2010-2017

2010-2018

2010-2019

2010-2020

CAR[−1,1]

CAR[−1,1]

CAR[−1,1]

CAR[−1,1]

CAR[−1,1]

CAR[−1,1]

CAR[−1,1]

CAR[−1,1]

CAR[−1,1]

P_Epre×CSR

−0.032 (−1.04)

−0.009 (−0.47)

0.007 (0.50)

0.005 (0.37)

0.005 (0.43)

0.007 (0.62)

0.022** (2.24)

0.033*** (3.45)

0.027*** (2.82)

P_Epre

−0.032 (−1.04)

−0.009 (−0.47)

0.007 (0.50)

0.005 (0.37)

0.005 (0.43)

0.007 (0.62)

0.022** (2.24)

0.033*** (3.45)

0.027*** (2.82)

CSR

−0.032 (−1.04)

−0.009 (−0.47)

0.007 (0.50)

0.005 (0.37)

0.005 (0.43)

0.007 (0.62)

0.022** (2.24)

0.033*** (3.45)

0.027*** (2.82)

Controls

Y

Y

Y

Y

Y

Y

Y

Y

Y

Year FE

Y

Y

Y

Y

Y

Y

Y

Y

Y

Firm FE

Y

Y

Y

Y

Y

Y

Y

Y

Y

Obs.

2093

2936

3743

4481

5159

6170

7080

8060

8925

Adj_R2

0.038

0.022

0.020

0.013

0.011

0.024

0.020

0.019

0.017

  1. This table presents the heterogeneity analysis based on environmental regulation, with the cumulative abnormal return (CAR[−1,1]) as the dependent variable. Each successive column extends the analysis by incorporating an additional year. Variable definitions are provided in Table 1. All regression models include firm and year fixed effects. t-statistics are reported in parentheses, and ***, **, and * indicate statistical significance at the 1%, 5%, and 10% levels, respectively. Standard errors are clustered at the firm level.
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