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Financial Innovation

Table 5 Robustness check: instrumental variable regression

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

 

(10)

(11)

(12)

ER

First stage

Green × Time

Second stage

ER

Policy

 

0.0033***

 
  

(0.0008)

 

Green × Time

7.2789**

 

39.5387**

 

(2.8828)

 

(16.8196)

Kleibergen-Paap rk LM

  

17.925

P-value

  

0.0000

Kleibergen-Paap rk Wald F

  

18.241

Stock-Yogo bias critical value

  

16.38 (10%)

Control variables

YES

YES

YES

Firm fixed effects

YES

YES

YES

Year fixed effects

YES

YES

YES

R-squared

0.2716

 

0.3161

Observations

9330

9264

9264

  1. This table reports the results of instrumental variable regression. For columns 10–12, this sample is consistent with the baseline regression including firm-year observations for 1374 enterprises during 2011 to 2021. A total of 7892 green bond policies issued by 256 Prefecture-level cities were manually sorted out. The robust standard error is shown in parentheses
  2. **Denotes 5% significance level; ***Denotes 1% significance level
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