The Impact of the “Belt and Road” Initiative on Accounting Conservatism of Energy-Intensive Enterprises under the Low-Carbon Background

Table 5

The robustness test.

	Accounting conservatism
	PSM-DID	Using alternativeproxy variables	Removing the2015 pilot data	Controlling provincecharacteristics
	(1)	(2)	(3)	(4)
Treat × Inyear	−0.006	−0.010	−0.006	−0.005
	(−1.69)	(−1.87)	(−2.16)	(−2.06)
Treat	0.006	−0.008	0.002	0
	(1.39)	(−1.40)	(0.72)	(−0.09)
Inyear	0.026	0.012	0.037	0.032
	(10.73)	(7.5)	(46.92)	(42.06)
Control	Yes	Yes	Yes	Yes
Industry	Yes	Yes	Yes	Yes
_Cons	0.973	−0.428	0.920	0.899
	(27.86)	(13.70)	(55.33)	(50.8)
N	443	2,193	1,955	2,225
Adjusted R-square	0.203	0.076	0.185	0.185

Note. .