The moderate effect of ENI
| (1) | (2) | (3) | (4) | (5) | (6) | |
|---|---|---|---|---|---|---|
| High environmental innovation score | Low environmental innovation score | |||||
| Variables | LLP/Assetit+1 | LLP/Equityit+1 | LLP/Loansit+1 | LLP/Assetit+1 | LLP/Equityit+1 | LLP/Loansit+1 |
| CFP | −0.004*** | −0.082*** | −0.008*** | −0.001 | −0.011 | −0.001 |
| (−3.868) | (−6.780) | (−4.694) | (−1.310) | (−1.534) | (−0.664) | |
| Size | −0.001*** | −0.021*** | −0.003*** | −0.003*** | −0.039*** | −0.005*** |
| (−2.868) | (−3.768) | (−3.684) | (−11.535) | (−14.754) | (−11.076) | |
| Leverage | −0.000*** | 0.002* | −0.000*** | −0.001*** | 0.001 | −0.001*** |
| (−3.621) | (1.869) | (−2.896) | (−6.262) | (1.184) | (−5.916) | |
| Diversified | 0.018*** | 0.240*** | 0.033*** | 0.008*** | 0.077*** | 0.010*** |
| (9.663) | (10.813) | (10.637) | (4.944) | (5.462) | (4.157) | |
| GrowthRevenue | 0.004*** | 0.052*** | 0.008*** | 0.002*** | 0.012** | 0.003*** |
| (4.087) | (5.032) | (5.351) | (3.191) | (2.171) | (2.582) | |
| Efficiency | −0.003*** | −0.038*** | −0.006*** | −0.003*** | −0.012** | −0.004*** |
| (−3.206) | (−3.458) | (−4.127) | (−5.211) | (−2.087) | (−3.707) | |
| GDPGrowth | −0.007 | −0.063 | −0.022* | −0.026*** | −0.253*** | −0.057*** |
| (−0.986) | (−0.703) | (−1.751) | (−5.163) | (−5.472) | (−6.920) | |
| HHI | −0.008 | 0.103 | −0.006 | −0.145*** | −1.000*** | −0.186*** |
| (−0.769) | (0.779) | (−0.332) | (−9.678) | (−7.239) | (−7.557) | |
| Constant | 0.022*** | 0.214*** | 0.042*** | 0.047*** | 0.400*** | 0.071*** |
| (4.380) | (3.553) | (4.917) | (16.906) | (15.535) | (15.527) | |
| Bank FE | Yes | Yes | Yes | Yes | Yes | Yes |
| Year FE | Yes | Yes | Yes | Yes | Yes | Yes |
| Obs | 974 | 974 | 974 | 1,560 | 1,560 | 1,560 |
| Adj R2 | 0.201 | 0.278 | 0.253 | 0.275 | 0.270 | 0.239 |
| (1) | (2) | (3) | (4) | (5) | (6) | |
|---|---|---|---|---|---|---|
| High environmental innovation score | Low environmental innovation score | |||||
| Variables | LLP/Assetit+1 | LLP/Equityit+1 | LLP/Loansit+1 | LLP/Assetit+1 | LLP/Equityit+1 | LLP/Loansit+1 |
| CFP | −0.004*** | −0.082*** | −0.008*** | −0.001 | −0.011 | −0.001 |
| (−3.868) | (−6.780) | (−4.694) | (−1.310) | (−1.534) | (−0.664) | |
| Size | −0.001*** | −0.021*** | −0.003*** | −0.003*** | −0.039*** | −0.005*** |
| (−2.868) | (−3.768) | (−3.684) | (−11.535) | (−14.754) | (−11.076) | |
| Leverage | −0.000*** | 0.002* | −0.000*** | −0.001*** | 0.001 | −0.001*** |
| (−3.621) | (1.869) | (−2.896) | (−6.262) | (1.184) | (−5.916) | |
| Diversified | 0.018*** | 0.240*** | 0.033*** | 0.008*** | 0.077*** | 0.010*** |
| (9.663) | (10.813) | (10.637) | (4.944) | (5.462) | (4.157) | |
| GrowthRevenue | 0.004*** | 0.052*** | 0.008*** | 0.002*** | 0.012** | 0.003*** |
| (4.087) | (5.032) | (5.351) | (3.191) | (2.171) | (2.582) | |
| Efficiency | −0.003*** | −0.038*** | −0.006*** | −0.003*** | −0.012** | −0.004*** |
| (−3.206) | (−3.458) | (−4.127) | (−5.211) | (−2.087) | (−3.707) | |
| GDPGrowth | −0.007 | −0.063 | −0.022* | −0.026*** | −0.253*** | −0.057*** |
| (−0.986) | (−0.703) | (−1.751) | (−5.163) | (−5.472) | (−6.920) | |
| HHI | −0.008 | 0.103 | −0.006 | −0.145*** | −1.000*** | −0.186*** |
| (−0.769) | (0.779) | (−0.332) | (−9.678) | (−7.239) | (−7.557) | |
| Constant | 0.022*** | 0.214*** | 0.042*** | 0.047*** | 0.400*** | 0.071*** |
| (4.380) | (3.553) | (4.917) | (16.906) | (15.535) | (15.527) | |
| Bank FE | Yes | Yes | Yes | Yes | Yes | Yes |
| Year FE | Yes | Yes | Yes | Yes | Yes | Yes |
| Obs | 974 | 974 | 974 | 1,560 | 1,560 | 1,560 |
| Adj | 0.201 | 0.278 | 0.253 | 0.275 | 0.270 | 0.239 |
Note(s): t-statistics are shown in parentheses. ***, **, and * denote statistical significance at the 1%, 5%, and 10% levels, respectively