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Financial Innovation

Table 7 Mechanism test: Managers' attention

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

 

(19)

(20)

(21)

(22)

(23)

(24)

Attention

ER

ER

Terminal governance

Front-end governance

Employee behavior

Green × Time

1.0540*

4.29120*

3.7813

0.9976***

1.6038***

0.0218

 

(0.0315)

(2.2768)

(2.4402)

(0.3833)

(0.5633)

(0.0591)

Attention

  

0.0578***

0.0037***

0.0016

0.0024***

   

(0.0100)

(0.0013)

(0.0015)

(0.0004)

Constant

 

 − 20.5674**

 − 19.0722*

0.0363

 − 1.8958

0.7517

  

(10.0504)

(9.7328)

(0.7917)

(1.2897)

(0.4690)

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

Log likelihood

 − 22,940.634

     

R-squared

 

0.1305

0.2751

0.2331

0.0897

0.0404

Observations

5356

5409

5409

7430

7430

7430

  1. This table reports the results of one of the mechanism tests. For columns 19–21, we use the data after matching the original sample with the manager's attention as a sample. This sample includes firm-year observations for 791 enterprises during 2010 to 2021. Column 19 uses the Poisson estimate. -22,940.634 is the logarithmic likelihood value of the regression. For columns 22–24, we use the samples in Table 6 for matching. This sample includes firm-year observations for 1238 enterprises during 2010 to 2021. 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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