Table 3 Baseline results Variables Model...

Table 3

Baseline results

Variables	Model 1	Model 2
Variables	Commit	Inno
DID	0.082**	−0.076**
	(0.038)	(0.031)
Age	0.042***	−0.024***
	(0.006)	(0.004)
Size	0.038	0.056***
	(0.024)	(0.020)
ROA	−0.024	0.111
	(0.125)	(0.102)
Leverage	−0.099	−0.085
	(0.074)	(0.068)
Tb_Q	−0.001	−0.012***
	(0.006)	(0.004)
SOE	−0.037	0.102*
	(0.059)	(0.054)
Independ_Director	−0.001	−0.126
	(0.241)	(0.233)
Largest_Share	0.024	−0.127
	(0.160)	(0.114)
Chairman_Duality	−0.054*	0.012
	(0.030)	(0.025)
Board_Size	−0.004	0.009
	(0.011)	(0.010)
Constant	−0.678	−0.633
	(0.540)	(0.428)
Observations	8,822	9,218
Firm FE	Yes	Yes
Year FE	Yes	Yes
R-squared	0.071	0.074

Variables	Model 1	Model 2
Variables	Commit	Inno
DID	0.082**	−0.076**
	(0.038)	(0.031)
Age	0.042***	−0.024***
	(0.006)	(0.004)
Size	0.038	0.056***
	(0.024)	(0.020)
ROA	−0.024	0.111
	(0.125)	(0.102)
Leverage	−0.099	−0.085
	(0.074)	(0.068)
Tb_Q	−0.001	−0.012***
	(0.006)	(0.004)
SOE	−0.037	0.102*
	(0.059)	(0.054)
Independ_Director	−0.001	−0.126
	(0.241)	(0.233)
Largest_Share	0.024	−0.127
	(0.160)	(0.114)
Chairman_Duality	−0.054*	0.012
	(0.030)	(0.025)
Board_Size	−0.004	0.009
	(0.011)	(0.010)
Constant	−0.678	−0.633
	(0.540)	(0.428)
Observations	8,822	9,218
Firm FE	Yes	Yes
Year FE	Yes	Yes
R-squared	0.071	0.074

Note(s): This table presents DID regression results of the effects of the new Environmental Protection Law on corporate sustainability practices. Column (1) presents the effect on corporate environmental commitments; Column (2) presents the effect on corporate green innovation. Standard errors are in parentheses. ***, **, and * indicate statistical significance at the 1%, 5%, and 10% levels, respectively

Source(s): Authors’ own work

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