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Financial Innovation

Table 10 Heterogeneity analysis: Pollution attribute

From: Does the issuance of green bonds nudge environmental responsibility engagements? Evidence from the Chinese green bond market

 

(36)

(37)

(38)

(39)

Low-polluting industry

High-polluting industry

ER

ER

ER

ER

Green × Time

9.1000**

8.9881**

4.6984

4.7429

 

(3.9438)

(3.8786)

(3.2722)

(3.2776)

Constant

7.8335***

 − 23.3013***

9.2949***

 − 12.3474

 

(0.2887)

(7.7116)

(0.4631)

(15.1591)

Control variables

NO

YES

NO

YES

Firm fixed effects

YES

YES

YES

YES

Year fixed effects

YES

YES

YES

YES

R-squared

0.0382

0.1320

0.0621

0.1655

Observations

6025

6025

2468

2468

  1. This table presents variants of the regressions in Table 3, dividing the sample into two parts that distinguish between subsample with heavy pollution and subsample with light pollution. This sample includes firm-year observations during 2011 to 2020. All of the variables are as defined in the Table 1. The robust standard error is shown in parentheses
  2. **Denotes 5% significance level; ***Denotes 1% significance level
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