The Impact of Green Credit Guidelines on the Technological Innovation of Heavily Polluting Enterprises: A Quasi-Natural Experiment from China
Table 1
Variable definitions.
Variable
Variable definition
TI
Number of patents applied for, obtained, authorized, or accepted as of the end of the reporting period
Treat
Equals 1 if the company discloses environmental and sustainable development information, otherwise 0
Post
Indicates whether the observation is before or after promulgation of the Green Credit Guidelines policy; equals 0 from 2007 to 2011 and 1 from 2012 to 2016
DID
Difference in differences term; the product of the experimental variables and time variables
SALES
Sales ratio = sales revenue/total assets at the beginning of the year
LEV
Liabilities to assets ratio = total liabilities at the end of the period/total assets at the end of the period
GROWTH
Sales revenue of the current year-sales revenue of the prior year/sales revenue of the prior year
ROA
Return on assets = EBIT/total assets at the end of the period
INDR
Number of independent directors/total number of board members
TOPHLD
Shareholding of the largest shareholder
SOE
The nature of the listed company; equals 1 for a state-owned enterprise, otherwise 0
DUAL
Equals 1 if the chairman and CEO are the same individual, otherwise 0
SIZE
Asset size, measured as the natural logarithm of total assets at the end of the period
