Variable definitions
| Type | Symbol | Name | Definition |
|---|---|---|---|
| Dependent variables | Ene | Firm export propensity | Whether the firm has any overseas sales revenue |
| Osa | Firm export size | Logarithmic value of firm revenue from overseas sales plus 1 | |
| Explanatory variable | Gplant | Green factory identification | Whether the firm is recognised as a green factory |
| Moderating variable | Coz | Common institutional ownership | The sum of the shareholdings of all common institutional investors owned by a listed company during the year |
| Control variables | Age | Firm age | Natural logarithm of the number of years since the firm’s founding plus one |
| ROA | Profitability | The ratio of net profit to total assets | |
| Lev | Leverage | The ratio of total liabilities to total assets at year-end | |
| Capital | Capital intensity | Net fixed assets per capita | |
| TobinQ | Tobin’s Q value | The market value of the firm’s equity divided by the book value of total assets at year-end | |
| Mshare | Ownership concentration | Management shareholding ratio | |
| Indep | Board independence | Ratio of independent directors to total board members | |
| Dual | CEO duality | If the chairman and general manager are the same person, it equals 1; otherwise, it equals 0 |
| Type | Symbol | Name | Definition |
|---|---|---|---|
| Dependent variables | Ene | Firm export propensity | Whether the firm has any overseas sales revenue |
| Osa | Firm export size | Logarithmic value of firm revenue from overseas sales plus 1 | |
| Explanatory variable | Gplant | Green factory identification | Whether the firm is recognised as a green factory |
| Moderating variable | Coz | Common institutional ownership | The sum of the shareholdings of all common institutional investors owned by a listed company during the year |
| Control variables | Age | Firm age | Natural logarithm of the number of years since the firm’s founding plus one |
| Profitability | The ratio of net profit to total assets | ||
| Lev | Leverage | The ratio of total liabilities to total assets at year-end | |
| Capital | Capital intensity | Net fixed assets per capita | |
| TobinQ | Tobin’s Q value | The market value of the firm’s equity divided by the book value of total assets at year-end | |
| Mshare | Ownership concentration | Management shareholding ratio | |
| Indep | Board independence | Ratio of independent directors to total board members | |
| Dual | If the chairman and general manager are the same person, it equals 1; otherwise, it equals 0 |
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