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Table 11 Counterfactual tests based on non-heavily polluting industries

From: Carbon emission trading system and stock price crash risk of heavily polluting listed companies in China: based on analyst coverage mechanism

 

CRASHi,T

(1)

(2)

TREATi,T × POSTi,T

− 0.039**

− 0.033*

 

(− 2.282)

(− 1.790)

C

− 0.242

− 0.246

 

(− 1.172)

(− 0.835)

Fixed effect

√

√

Year trend

√

√

Controls

√

√

Psm samples

×

√

N

6366

3980

ADJ. R2

0.004

0.003

  1. In this paper, ***, **, and * represent the significance levels of 1%, 5%, and 10%, respectively. The t-value is in parentheses