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Financial Innovation

Table 8 Mechanism test: medias' attention

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

 

(25)

(26)

(27)

(28)

(29)

(30)

(31)

Posnews

Neunews

Negnews

ER

ER

ER

ER

Green × Time

1.3610***

1.4069***

1.0410

7.0412***

6.9881***

7.0832***

7.0254***

 

(0.0372)

(0.0538)

(0.1076)

(0.5636)

(0.5767)

(0.5453)

(0.5665)

posnews

    

0.0053**

  
     

(0.0021)

  

neunews

     

0.0071*

 
      

(0.0035)

 

negnews

      

 − 0.0025

       

(0.0050)

Constant

   

 − 13.9132*

 − 12.0466

 − 12.3328*

 − 14.4548*

    

(7.4585)

(6.9943)

(6.8939)

(7.0256)

control variables

YES

YES

YES

YES

YES

YES

YES

Firm fixed effects

YES

YES

YES

YES

YES

YES

YES

Year fixed effects

YES

YES

YES

YES

YES

YES

YES

Log likelihood

 − 232,783.7

 − 171,644.3

 − 134,989.4

    

R-squared

   

0.1892

0.1919

0.1912

0.1893

Observations

8412

8412

8412

8412

8412

8412

8412

  1. This table reports the results of one of the mechanism tests. We use the data after matching the original sample with the medias' attention as a sample. This sample includes firm-year observations for 1057 enterprises during 2011 to 2020. Columns 25–27 use the Poisson estimate in which the logarithmic likelihood value of the regression is reported. 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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