Financial markets implications of the energy transition: carbon content of energy use in listed companies

Mazzarano, Matteo

doi:10.1186/s40854-023-00546-7

Financial Innovation

Table 3 Panel data regression, fixed effects

From: Financial markets implications of the energy transition: carbon content of energy use in listed companies

	Dependent variable
	TQ
	Total sample			Non-ETS firms			ETS firms
	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)
CCE	−0.201***	−0.197***	−0.199***	−0.121***	−0.121***	−0.121***	−0.120***	−0.120***	−0.120***
	(0.033)	(0.031)	(0.035)	(0.020)	(0.026)	(0.022)	(0.033)	(0.025)	(0.027)
Energy intensity	−0.232***			−0.229***			−0.239***
	(0.030)			(0.030)			(0.030)
Energy footprint		−0.090***			−0.093***			−0.089***
		(0.024)			(0.024)			(0.024)
Carbon footprint			−0.070***			−0.074***			−0.066***
			(0.011)			(0.011)			(0.011)
Price	−0.005**	−0.006***	−0.006***	−0.005**	−0.005***	−0.005***	−0.005**	−0.007***	−0.007***
	(0.002)	(0.002)	(0.002)	(0.002)	(0.002)	(0.002)	(0.002)	(0.002)	(0.002)
Assets	−0.217***	−0.106***	−0.121***	−0.213***	−0.108***	−0.124***	−0.229***	−0.081***	−0.094***
	(0.026)	(0.015)	(0.016)	(0.026)	(0.015)	(0.016)	(0.026)	(0.015)	(0.016)
Corporate leverage	0.006***	0.005***	0.005***	0.006***	0.005***	0.006***	0.005***	0.004***	0.004***
	(0.001)	(0.001)	(0.001)	(0.001)	(0.001)	(0.001)	(0.001)	(0.001)	(0.001)
Dividend payouts	0.003***	0.003***	0.003***	0.003***	0.003***	0.003***	0.002***	0.002***	0.002***
	(0.0003)	(0.0003)	(0.0003)	(0.0003)	(0.0003)	(0.0003)	(0.0003)	(0.0003)	(0.0003)
Operating profit margins	0.012***	0.011***	0.011***	0.011***	0.010***	0.010***	0.018***	0.017***	0.017***
	(0.001)	(0.001)	(0.001)	(0.001)	(0.001)	(0.001)	(0.001)	(0.001)	(0.001)
Retained earnings assets	0.00003	0.00003	0.00003	0.00004	0.00004	0.00004	−0.001***	−0.001***	−0.001***
	(0.00004)	(0.00004)	(0.00004)	(0.00004)	(0.00004)	(0.00004)	(0.00004)	(0.00004)	(0.00004)
Revenue growth	0.00001***	0.00000***	0.00001***	0.00001***	0.00000***	0.00001***	−0.001***	−0.001***	−0.001***
	(0.00000)	(0.00000)	(0.00000)	(0.00000)	(0.00000)	(0.00000)	(0.00000)	(0.00000)	(0.00000)
Constant	3.846***	2.676***	2.839***	3.842***	2.761***	2.945***	3.266***	2.081***	2.166***
	(0.353)	(0.291)	(0.289)	(0.353)	(0.291)	(0.289)	(0.353)	(0.291)	(0.289)
Observations	11,690	11,690	11,690	9,277	9,277	9,277	2,413	2,413	2,413
R²	0.441	0.419	0.425	0.443	0.423	0.428	0.548	0.524	0.530
Adjusted R²	0.435	0.413	0.418	0.436	0.415	0.421	0.529	0.505	0.511
F statistic	71.855***	65.778***	67.207***	57.829***	53.216***	54.439***	29.851***	27.182***	27.784***

*p < 0.1; **p < 0.05; ***p < 0.01

Back to article page