Table 11 Additional control variables

LOGGREEN

0.013***

0.010***

0.015***

(10.90)

(8.16)

(7.78)

BETA

− 0.003***

− 0.003***

− 0.005***

(− 3.48)

(− 3.90)

(− 4.10)

LOGSIZE

− 0.005***

− 0.005***

− 0.043***

(− 15.83)

(− 14.15)

(− 25.09)

BM

0.005***

0.014***

0.028***

(4.05)

(10.16)

(7.98)

MOM

− 0.003***

− 0.003***

0.000

(− 2.60)

(− 2.60)

(0.00)

ROE

− 0.004**

− 0.002

− 0.003

(− 2.15)

(− 1.00)

(− 1.02)

INV

− 0.001

− 0.002**

− 0.002

(− 0.77)

(− 2.27)

(− 1.51)

TURNOVER

− 0.020***

− 0.022***

− 0.021***

(− 21.69)

(− 23.12)

(− 20.64)

LEVERAGE

− 0.001

0.009***

0.026***

(− 0.43)

(5.93)

(6.00)

CASHFLOW

− 0.000

0.008***

0.012***

(− 0.11)

(3.36)

(2.64)

SALESGR

0.003***

0.002**

0.005***

(3.68)

(2.56)

(4.69)

RETVOL

0.019***

0.014**

0.041***

(2.86)

(2.02)

(4.78)

TURNVOL

− 0.005***

− 0.007***

− 0.011***

(− 3.16)

(− 4.16)

(− 5.51)

R&D

− 0.358***

− 0.674***

− 1.942***

(− 19.25)

(− 25.33)

(− 26.37)

Constant

− 0.189***

− 0.179***

0.641***

(− 24.75)

(− 19.04)

(16.28)

Firm fixed effects

N

N

Y

Industry fixed effects

N

Y

Y

Year/month fixed effects

Y

Y

Y

Observations

221,356

221,356

221,356

Adjusted R²

0.3621

0.3655

0.3833