(1)

(2)

(3)

Variable

Ln_gaut (grant green utility model patents)

Ln_gaut (grant green invention patent)

Ln_gaut (in general)

Low_carbon*time

0.011*

0.003*

0.031**

(1.30)

(0.13)

(2.22)

cfo

−0.000***

−0.000

−0.001***

(−6.84)

(−0.32)

(−6.37)

Lev

0.001*

0.033*

0.001**

(1.79)

(1.69)

(2.11)

Tobin Q

0.000

0.000**

0.000***

(1.15)

(2.16)

(4.36)

Size

0.040***

0.014**

0.082***

(13.30)

(2.47)

(16.46)

Age

−0.005

−0.011

−0.016**

(−1.08)

(−1.20)

(−2.02)

Netprofit

0.002***

−0.000

0.002***

(13.86)

(−0.06)

(8.44)

Company

control

control

control

Year

control

control

control