The Impact of Green Credit Guidelines on the Technological Innovation of Heavily Polluting Enterprises: A Quasi-Natural Experiment from China
Table 6
Robustness test results.
TI
Radius matching
Kernel matching
Nearest neighbor matching
(1)
(2)
(3)
Treat
19.6033
19.6030∗
19.6032
(11.6686)
(11.6683)
(11.6685)
Post
38.5234
38.5236
38.5233
(22.9306)
(22.9308)
(22.9304)
DID
289.5674
289.5674
289.5674
(172.6691)
(172.669)
(172.6691)
SALES
317.0722
317.0722
317.0722
(−300.8824)
(−300.882)
(−300.8824)
LEV
−3.80E + 02
−3.80E + 02
−3.80E + 02
(−249.9302)
(−249.93)
(−249.9302)
GROWTH
10.2342
10.2342
10.2342
(−33.4457)
(−33.4457)
(−33.4457)
ROA
−1.50E + 03
−1.50E + 03
−1.50E + 03
(−1.10E + 03)
(−1.10E + 03)
(−1.10E + 03)
INDR
−7.40E + 02
−7.40E + 02
−7.40E + 02
(−749.5888)
(−749.589)
(−749.5888)
TOPHLD
398.3817
398.3817
398.3817
(−300.6895)
(−300.69)
(−300.6895)
SOE
−2.5e + 02
−2.5e + 02
−2.5e + 02
(−134.2982)
(−134.298)
(−134.2982)
DUAL
53.9892
53.9892
53.9892
(−49.533)
(−49.533)
(−49.533)
SIZE
173.3524
173.3524
173.3524
(−60.6272)
(−60.6272)
(−60.6272)
MKTIDX
205.7158
205.7158
205.7158
(−136.6827)
(−136.683)
(−136.6827)
_cons
−4.0e + 03
−4.0e + 03
−4.0e + 03
(−1.50E + 03)
(−1.50E + 03)
(−1.50E + 03)
Year
YES
YES
YES
Indu
YES
YES
YES
Region
YES
YES
YES
R2
0.1501
0.1501
0.1501
N
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.
