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

Table 8

Channels through which the BRI affects accounting conservatism.

	Accounting conservatism
	Debt financing	Executive compensation	Tax burden	Legal environment
	(1)	(2)	(3)	(4)
Treat × Inyear × Bankloan	−0.039
	(−4.05)
Treat × Inyear × Pay		−0.001
		(−0.41)
Treat × Inyear × Tax			−0.119
			(−1.73)
Treat × Inyear × Law				0.024
				(2.07)
Treat × Inyear	−0.015	0.015	−0.019	−0.100
	(−2.58)	(0.31)	(−6.75)	(−2.19)
Bankloan	0.0668
	3.04
Pay		0.005
		(5.07)
Tax			0.327
			(14.05)
Law				0.253
				(10.54)
Control	Yes	Yes	Yes	Yes
Industry	Yes	Yes	Yes	Yes
_Cons	0.907	0.863	0.683	0.960
	(51.92)	(43.41)	(35.9)	(54.95)
N	2,225	2,225	2,225	2,179
Adjusted R-square	0.186	0.188	0.116	0.208

Note. .