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Financial Innovation

Table 9 Heterogeneity analysis: manager's ability

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

 

(32)

(33)

(34)

(35)

High education level

Low education level

ER

ER

ER

ER

Green × Time

8.5201**

8.4046**

0.5043

0.4491

 

(3.4461)

(3.4220)

(0.8051)

(0.8395)

Constant

8.3094***

 − 17.0934*

9.0977***

 − 16.5660

 

(0.3383)

(9.5994)

(0.7766)

(28.7900)

Control variables

NO

YES

NO

YES

Firm fixed effects

YES

YES

YES

YES

Year fixed effects

YES

YES

YES

YES

R-squared

0.0506

0.1499

0.050

0.1498

Observations

4642

4642

1343

1343

  1. This table presents variants of the regressions in Table 3, dividing the sample into two parts that distinguish between sub sample with high managers' abilities and sub sample with relatively low managers' abilities. This sample includes firm-year observations during 2011 to 2020. 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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