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Financial Innovation

Table 3 Estimation results of baseline regression

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

 

(1)

(2)

(3)

(4)

ER

ER

ER

ER

Green × Time

9.8808***

7.1552***

6.9238***

7.056***

 

(2.0810)

(2.6119)

(2.0189)

(2.6015)

Size

  

2.6956***

1.0726***

   

(0.0852)

(0.3124)

Lev

  

 − 5.7161***

 − 0.4330

   

(0.4909)

(1.1128)

ROA

  

1.0271

2.0957

   

(1.4971)

(1.7307)

ROE

  

 − 1.4530***

0.0519

   

(0.4377)

(0.5363)

Cashflow

  

 − 0.0327

 − 0.0956

   

(0.2442)

(0.1958)

Growth

  

 − 0.0767***

0.0009

   

(0.0238)

(0.0139)

Board

  

 − 0.0764*

 − 0.0966

   

(0.0404)

(0.1055)

Constant

10.9526***

8.2869***

 − 48.0572***

 − 15.051**

 

(0.0864)

(0.2409)

(0.1674)

(6.8336)

Firm fixed effects

NO

YES

NO

YES

Year fixed effects

NO

YES

NO

YES

R-squared

0.0099

0.1833

0.1674

0.1887

Observations

8493

8493

8493

8493

  1. This table reports the results of panel regressions. The sample includes firm-year observations for 1058 enterprises during 2011 to 2020. All of the variables are as defined in the Table 1. The robust standard error clustered at the firm level is shown in parentheses
  2. *Denotes 10% significance level; **Denotes 5% significance level; ***Denotes 1% significance level
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