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

Financial Innovation

Table 11 Heterogeneity analysis: Environmental subsidies

	(40)	(41)	(42)	(43)
	Without environmental subsidies		With environmental subsidies
	ER	ER	ER	ER
Green × Time	11.0134**	10.9406**	1.7440	1.4030
	(5.4382)	(5.3730)	(1.7691)	(0.426)
Constant	8.0625***	− 9.9072	9.0246***	− 25.9398
	(0.3010)	(7.1551)	(0.4630)	(16.1027)
Control variables	NO	YES	NO	YES
Firm fixed effects	YES	YES	YES	YES
Year fixed effects	YES	YES	YES	YES
R-squared	0.1733	0.1806	0.1563	0.1654
Observations	5620	5620	2873	2873

This table presents variants of the regressions in Table 3, dividing the sample into two parts that distinguish between sub sample with environmental subsidies and sub sample without environmental subsidies. 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
**Denotes 5% significance level; ***Denotes 1% significance level