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Financial Innovation

Table 4 Robustness checks: PSM-DID & Huazheng ESG & Environmental penalty & Control industry time trend

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

 

(5)

(6)

(7)

(8)

(9)

weight

on_support

H-ER

Environmental penalty

ER

Green × Time

4.2704*

6.3037**

1.3796*

-0.0213**

6.7716**

 

(2.3977)

(2.5975)

(0.7165)

(0.0087)

(2.6710)

Constant

 − 7.4398

 − 24.1428**

50.0321***

0.0023

 − 9.0713

 

(75.2552)

(11.2294)

(2.5217)

(0.1078)

(10.9419)

Control variables

YES

YES

YES

YES

YES

Firm fixed effects

YES

YES

YES

YES

YES

Year fixed effects

YES

YES

YES

YES

YES

R-squared

0.0898

0.1311

0.0833

0.0067

0.0035

Observations

489

5773

32,909

7286

8493

  1. This table reports the results of robustness checks. For columns 5, through the 1:2 nearest caller matching, we obtain a new sample that is successfully matched and recorded as weight (Use samples with non-empty weights). This sample includes firm-year observations for 259 enterprises during 2011 to 2020. For columns 6, through the 1:2 nearest caller matching, we also re select samples that meet the common support hypothesis for regression. This sample excludes the interference of common factors that are missing from the model. This sample includes firm-year observations for 968 enterprises during 2011 to 2020. For columns 7, we use Huazheng environmental responsibility to replace the explanatory variables in our research for regression. This index covers almost the entire Chinese A-share listed companies. Therefore, there are many observation samples for this regression. This sample includes firm-year observations for 4227 enterprises during 2011 to 2020. For columns 8, we use environmental penalty as a substitute for the explained variable for regression. This sample includes firm-year observations for 1140 enterprises during 2011 to 2020. For columns 9, the time trend of the benchmark regression sample is controlled. This 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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