Financial Innovation

Table 15 Heterogeneity test based on pollutants

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

	NCSKEW_i,T				DUVOL_i,T
	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)
TREAT_i,T × POST_i,T	− 0.137**	− 0.220**	− 0.049	− 0.062	− 0.122***	− 0.159**	− 0.035	− 0.048
	(− 2.163)	(− 2.139)	(− 0.595)	(− 1.076)	(− 2.848)	(− 2.334)	(− 0.652)	(− 1.201)
AIR_i,T × TREAT_i,T × POST_i,T				− 0.156**				− 0.128**
				(− 1.979)				(− 2.444)
SOLID_i,T × TREAT_i,T × POST_i,T				0.143				0.090
				(1.478)				(1.390)
WATER_i,T × TREAT_i,T × POST_i,T				0.012				0.025
				(0.142)				(0.444)
C	1.570*	− 0.979	0.249	− 0.419	1.360**	0.092	0.712	0.128
	(1.808)	(− 0.605)	(0.236)	(− 0.854)	(2.269)	(0.088)	(0.957)	(0.357)
Fixed effect	√	√	√	√	√	√	√	√
Year trend	√	√	√	√	√	√	√	√
Controls	√	√	√	√	√	√	√	√
Psm samples	√	√	√	√	√	√	√	√
N	2207	711	1737	6366	2207	711	1737	6366
ADJ. R²	0.037	0.049	0.032	0.026	0.048	0.060	0.028	0.029

In this paper, ***, **, and * represent the significance levels of 1%, 5%, and 10%, respectively. The t-value is in parentheses. Columns (1) and (5) are the air pollution intensive industries, columns (2) and (6) are the solid waste pollution intensive industries, columns (3) and (7) are the water pollution intensive industries, and columns (4) and (8) are all samples

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