|
| (1) | (2) | (3) | (4) | (5) |
|
| GI | GI | GI | GI | Borrow |
| did | −0.7012*** | −2.0054*** | −1.1641*** | −1.3545*** | −0.0147*** |
|
| (−4.5248) | (−10.2732) | (−5.6547) | (−6.5490) | (−5.8859) |
| time |
|
| 0.0000 | 0.0000 | 0.0000 |
|
|
|
| (.) | (.) | (.) |
| Borrow |
|
|
| −12.9317*** |
|
|
|
|
|
| (−15.7688) |
|
| pollution |
|
| −2.5078*** | −1.7462*** | 0.0589*** |
|
|
|
| (−14.6729) | (−10.1665) | (24.5575) |
| Size |
|
| 4.1706*** | 4.0967*** | −0.0057*** |
|
|
|
| (30.1035) | (30.0932) | (−8.9692) |
| Lev |
|
| −0.2309 | 5.5570*** | 0.4476*** |
|
|
|
| (−0.4886) | (9.0039) | (105.9732) |
| ROA |
|
| 0.5887 | −2.5571 | −0.2433*** |
|
|
|
| (0.3223) | (−1.4063) | (−17.7914) |
| Growth |
|
| −0.3788** | −0.3647** | 0.0011 |
|
|
|
| (−2.0945) | (−2.0239) | (0.7355) |
| Cashflow |
|
| −0.9711 | −3.1996*** | −0.1723*** |
|
|
|
| (−0.9962) | (−3.2432) | (−18.8388) |
| Dual |
|
| 0.5343*** | 0.6249*** | 0.0070*** |
|
|
|
| (3.1438) | (3.6876) | (6.0916) |
| FirmAge |
|
| −1.2629*** | −1.2739*** | −0.0008 |
|
|
|
| (−5.5371) | (−5.6107) | (−0.5408) |
| Board |
|
| −1.3076*** | −1.3116*** | −0.0003 |
|
|
|
| (−3.0898) | (−3.1197) | (−0.1108) |
| BM |
|
| 0.1220 | 0.1545 | 0.0025*** |
|
|
|
| (0.6720) | (0.8522) | (3.3175) |
| _cons | 4.4518*** | 4.7275*** | −80.7357*** | −79.5833*** | 0.0891*** |
|
| (50.1772) | (50.7148) | (−27.8212) | (−27.8167) | (6.4645) |
| N | 30830 | 30830 | 30830 | 30830 | 30830 |
| r2_a | 0.0004 | 0.0925 | 0.2195 | 0.2268 | 0.5557 |
| Year | NO | YES | YES | YES | YES |
| Industry | NO | YES | YES | YES | YES |