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Table 8 Control the impact of New Environmental Protection Law

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

 

NCSKEWi,T

DUVOLi,T

(1)

(2)

TREATi,T × POSTi,T

− 0.091*

− 0.084**

 

(− 1.721)

(− 2.222)

NPLi,T × TREATi,T × POSTi,T

0.006

0.013

 

(0.123)

(0.359)

C

− 0.239

0.161

 

(− 0.382)

(0.377)

Fixed effect

√

√

Year trend

√

√

Controls

√

√

Psm samples

√

√

N

4683

4683

ADJ. R2

0.024

0.027

  1. In this paper, ***, **, and * represent the significance levels of 1%, 5%, and 10%, respectively. The t-value is in parentheses. The t-value is in parentheses. After the implementation of the New Environmental Protection Law in 2015, NPL is recorded as 1, otherwise it is 0