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

Financial Innovation

Table 6 Robustness checks: Eliminate other policies interference & Extend sample period and sample size

	(13)	(14)	(15)	(16)	(17)	(18)
	Exclusion of environmental law (2014)	Exclusion of reform pilot zone (2017)	Exclusion of reform pilot zone (2019)	Terminal governance	Front-end governance	Employee behavior
Green × Time	6.9575***	5.8877**	5.9001**	1.1834***	2.1175***	0.0684**
	(2.6164)	(2.5432)	(2.5402)	(0.2586)	(0.5523)	(0.2586)
Post × Treat	1.2291***
	(0.4645)
Constant	− 16.8811**	− 14.7468***	− 14.2719**	− 1.6053	− 3.9866***	0.5579
	(6.8179)	(6.6159)	(6.5545)	(1.0496)	(1.4114)	(0.3756)
Control variables	YES	YES	YES	YES	YES	YES
Firm fixed effects	YES	YES	YES	YES	YES	YES
Year fixed effects	YES	YES	YES	YES	YES	YES
R-squared	0.1912	0.1884	0.1870	0.2185	0.0934	0.0547
Observations	8493	8166	8063	12,110	12,110	12,110

This table reports the results of robustness checks: For columns 13, this sample is consistent with the baseline regression including firm-year observations for 1058 enterprises during 2011 to 2020. For columns 14, this sample excludes the sample of enterprises located in the green finance reform pilot zone promulgated in 2017 (a total of 41 companies). Finally, this sample includes firm-year observations for 1017 enterprises during 2011 to 2020. For columns 15, based on columns 14, we further exclude the sample of enterprises in the newly announced green finance reform pilot zone in 2019 (a total of 16 companies). This sample includes firm-year observations for 1001 enterprises during 2011 to 2020. For columns 16–18, the data comes from the CESG Database of China Research Data Service Platform (CNRDS). This sample includes firm-year observations for 4242 enterprises during 2010 to 2021. The robust standard error is shown in parentheses
**Denotes 5% significance level; ***Denotes 1% significance level