The Impact of Green Credit Guidelines on the Technological Innovation of Heavily Polluting Enterprises: A Quasi-Natural Experiment from China
Table 3
Result for the benchmark model.
TI
(1)
(2)
(3)
(4)
(5)
Treat
99.0021
41.0373
41.8444
31.9381
25.7140
(56.57)
(24.6200)
(24.8961)
(17.71)
(14.29)
Post
46.9430
31.2174
121.6668
33.2540
58.8774
(26.86)
(17.71)
(69.14)
(18.86)
(33.71)
DID
380.2850
267.0631
271.8076
294.5685
309.9278
(98.3472)
(153.3355)
(163.7389)
(168.2958)
(176.8331)
SALES
219.6296
221.1714
258.4925
264.2739
(279.9041)
(280.2297)
(176.0542)
(178.0389)
LEV
−5.1e + 02
−5.0e + 02
−1.6e + 02
−1.5e + 02
(331.1338)
(329.8066)
(124.2742)
(124.2957)
GROWTH
15.6963
15.2347
−2.8583
−7.3051
(30.2491)
(8.71)
(22.4815)
(22.6065)
ROA
−1.1e + 03
−1.1e + 03
−1.8e + 03
−1.8e + 03
(750.0931)
(791.8576)
(851.6609)
(896.4834)
TOPHLD
509.9625
515.7855
296.2690
313.4170
(290.855)
(385.4141)
(219.3283)
(224.1709)
SOE
−1.5e + 02
−1.5e + 02
−2.2e + 02
−2.2e + 02
(134.7405)
(134.4034)
(153.3731)
(153.4348)
DUAL
64.1087
63.0375
58.6877
58.2025
(54.7293)
(53.9711)
(52.1979)
(33.1409)
SIZE
152.8322
151.1647
105.0601
101.0064
(57.9052)
(56.9995)
(60.9728)
(57.7105)
MKTIDX
27.7000
27.7010
33.6743
30.5579
(13.7978)
(13.7642)
(29.9241)
(28.9877)
INDR
−7.2e + 02
−7.2e + 02
−7.9e + 02
−7.8e + 02
(739.6559)
(742.3059)
(680.9940)
(677.1396)
_cons
48.4940
−3.0e + 03
−3.0e + 03
−2.0e + 03
−1.9e + 03
(54.1332)
(1.1e + 03)
(1.1e + 03)
(1.1e + 03)
(1.2e + 03)
Year
Yes
Yes
Indu
Yes
Yes
Region
Yes
Yes
R2
0.0321
0.0717
0.0723
0.2758
0.2769
N
2337
2168
2168
2168
2168
Source: all numbers are calculated based on equation (1). Note. The following brackets are standard errors below the coefficients, which represent significant values at the levels of 10%, 5%, and 1%, respectively.
