The Impact of Green Credit Guidelines on the Technological Innovation of Heavily Polluting Enterprises: A Quasi-Natural Experiment from China
Table 5
Transformation of policy implementation points.
(1)
(2)
(3)
(4)
TI
TI
TI
TI
Treat
60.5914
101.4942
104.5407
109.8326
(73.6671)
(68.8888)
(65.4154)
(53.5740)
Post2
69.6015
91.2790
(59.6959)
(163.3056)
DID2
279.0212
165.8258
(215.5341)
(140.2437)
Post3
25.7314
46.2126
(57.2225)
(129.1283)
DID3
372.4849
276.7606
(290.4272)
(210.1416)
SALES
315.5692
322.0162
(297.4583)
(299.5797)
LEV
−3.7e + 02
−3.7e + 02
(246.6655)
(243.2950)
GROWTH
8.9980
11.8972
(32.4159)
(32.8058)
ROA
−1.5e + 03
−1.5e + 03
(1.1e + 03)
(1.1e + 03)
TOPHLD
388.7778
392.9291
(294.4725)
(295.9822)
SOE
−2.5e + 02
−2.5e + 02
(134.0068)
(133.1534)
DUAL
52.6587
51.1028
(51.5991)
(50.1108)
SIZE
174.7900
175.1140
(61.1703)
(61.0578)
MKTIDX
225.0020
198.7667
(137.9179)
(123.3613)
INDR
−7.3e + 02
−7.4e + 02
(747.6475)
(750.0367)
_cons
88.8955
−4.2e + 03
116.1809
−4.1e + 03
(47.9528)
(1.5e + 03)
(41.1425)
(1.5e + 03)
Year
Yes
Yes
Indu
Yes
Yes
Region
Yes
Yes
R2
0.1047
0.1485
0.1039
0.1497
N
2337
2168
2337
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.
