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Financial Innovation

Table 12 Heterogeneity analysis: Environmental rating & Green project clauses

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

 

(44)

(45)

(46)

(47)

ER

ER

ER

ER

Green × Time × Cer

2.7587**

2.7296**

  
 

(1.3303)

(1.3260)

  

Green × Time × Clause

  

6.2282**

5.7782*

   

(3.0586)

(3.0700)

Constant

8.2919***

 − 15.4469**

8.2791***

 − 15.1040**

 

(0.2406)

(6.8304)

(0.2424)

(6.8584)

Control variables

NO

YES

NO

YES

Firm fixed effects

YES

YES

YES

YES

Year fixed effects

YES

YES

YES

YES

R-squared

0.1815

0.1870

0.1755

0.1802

Observations

8493

8493

8493

8493

  1. This table presents variants of the regressions in Table 3, interacting green bond with dummy variables that examine the impact of the different rating by independent third parties and green project clauses on environmental responsibility. 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 10% significance level; **Denotes 5% significance level; ***Denotes 1% significance level
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