The Impact of Green Credit Guidelines on the Technological Innovation of Heavily Polluting Enterprises: A Quasi-Natural Experiment from China
Table 4
Heterogeneous treatment effects test.
TI
TI
MKTIDX > 2.55
MKTIDX < 2.55
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
Treat
53.258
1.943
16.5864
32.5401
36.5737
37.1431
5.157
6.0322
(26.0430)
(0.9501)
(9.0636)
(17.7815)
(35.2489)
(35.7226)
(45.4045)
(45.9361)
Post
27.9042
71.1915
34.9341
87.1666
25.2016
−6.2051
27.7566
4.9212
(15.2482)
(38.9024)
(17.0817)
(42.6242)
(14.7689)
(31.5871)
(13.5758)
(34.239)
DID
485.7164
550.8624
373.8458
408.8617
10.3176
11.9261
4.9124
6.6593
(265.3575)
(300.8521)
(204.2841)
(222.9501)
(56.1344)
(61.9884)
(56.4754)
(62.3552)
SALES
524.9007
531.0286
876.7075
904.1218
−16.5762
−15.5392
−36.3065
−35.4515
(−643.1779
(−648.4518)
(−501.6764)
(−509.9591)
(−37.9322)
(−37.8976)
(−29.0135)
(−28.9442)
LEV
−2.0e + 03
−2.0e + 03
−8.9e + 02
−8.8e + 02
44.9515
47.2881
50.1226
52.901
(−999.1107)
(−996.8959)
(−476.9471)
(−473.4563)
(−59.7938)
(−61.2012)
(−55.5566)
(−56.9065)
GROWTH
10.9057
28.1169
−79.3031
−84.6772
6.8464
6.2795
8.7677
7.9987
(−91.4759)
(−104.0257)
(−82.1888)
(−92.0356)
(−9.9956)
(−10.5696)
(−10.0929)
(−10.6262)
ROA
−3.8e + 03
−3.6e + 03
−5.6e + 03
−5.8e + 03
236.287
262.305
244.3799
262.9136
(−2.00E + 03)
(−2.00E + 03)
(−2.40E + 03)
(−2.50E + 03)
(−252.1742)
(−258.999)
(−266.3702)
(−268.962)
TOPHLD
1.7e + 03
1.7e + 03
1.7e + 03
1.7e + 03
−1.30E + 02
−1.30E + 02
−51.9833
−52.9766
(−867.9094)
(−886.8309)
(−850.0596)
(−869.6945)
(−109.2968)
(−107.4172)
(−77.9857)
(−77.4566)
SOE
−4.10E + 02
−4.10E + 02
−6.20E + 02
−6.30E + 02
−42.7409
−41.1779
−37.9613
−36.1360
(−341.1923)
(−342.0849)
(−419.5122)
(−422.7072)
(−24.6236)
(−24.5478)
(−21.6326)
(−21.3102)
DUAL
295.1416
300.2588
121.5137
133.4344
31.2318
31.5271
15.1674
15.2547
(−252.0513)
(−261.6512)
(−232.8186)
(−242.1271)
(−23.5903)
(−23.6486)
(−21.0245)
(−21.0239)
SIZE
396.5692
396.9989
340.8621
337.4935
37.7347
37.1001
25.6333
24.6832
(−158.0985)
(−157.3843)
(−191.2962)
(−192.8438)
(−20.559)
(−20.4612)
(−12.6146)
(−12.6999)
MKTIDX
199.1509
216.4785
92.6105
80.3357
−86.5086
−86.6099
−5.7e + 02
−5.7e + 02
(−89.1296)
(−97.7303)
(−57.7957)
(−55.3344)
(−33.276)
(−33.4966)
(−199.4349)
(−205.1018)
INDR
−3.60E + 03
−3.60E + 03
−2.60E + 03
−2.60E + 03
110.7845
120.3381
108.1091
115.9929
(−2.50E + 03)
(−2.50E + 03)
(−1.90E + 03)
(−1.90E + 03)
(−213.747)
(−216.6523)
(−211.5991)
(−214.5007)
_cons
−8.5e + 03
−8.8e + 03
−7.5e + 03
−7.2e + 03
−7.6e + 02
−7.5e + 02
−5.1e + 02
−4.9e + 02
(−3.30E + 03)
(−3.40E + 03)
(−4.00E + 03)
(−4.00E + 03)
(−416.2372)
(−413.004)
(−242.9753)
(−246.062)
Year
Yes
Yes
Yes
Yes
Indu
Yes
Yes
Yes
Yes
Region
Yes
Yes
Yes
Yes
R2
0.1243
0.1276
0.31
0.3124
0.056
0.0594
0.1038
0.1069
N
764
764
764
764
1404
1404
1404
1404
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.
