Robustness tests
| (1) | (2) | (3) | (4) | (5) | (6) | |
|---|---|---|---|---|---|---|
| Variable | Digital1 | Digital2 | Digital1 | Digital2 | Digital1 | Digital2 |
| CR2 | −0.038*** (−4.76) | −0.013*** (−4.01) | ||||
| CR1 | −0.099*** (−5.97) | −0.034*** (−5.08) | −0.106*** (−8.39) | −0.038*** (−7.81) | ||
| Controls | YES | YES | YES | YES | YES | YES |
| CCPU | 0.089*** (23.45) | 0.032*** (21.75) | ||||
| Year FE | YES | YES | YES | YES | NO | NO |
| Industry FE | YES | YES | YES | YES | YES | YES |
| Observations | 32,192 | 32,192 | 24,682 | 24,682 | 32,192 | 32,192 |
| R-squared | 0.449 | 0.265 | 0.445 | 0.274 | 0.411 | 0.213 |
| (1) | (2) | (3) | (4) | (5) | (6) | |
|---|---|---|---|---|---|---|
| Variable | Digital1 | Digital2 | Digital1 | Digital2 | Digital1 | Digital2 |
| CR2 | −0.038 | −0.013 | ||||
| CR1 | −0.099 | −0.034 | −0.106 | −0.038 | ||
| Controls | ||||||
| 0.089 | 0.032 | |||||
| Year | ||||||
| Industry | ||||||
| Observations | 32,192 | 32,192 | 24,682 | 24,682 | 32,192 | 32,192 |
| R-squared | 0.449 | 0.265 | 0.445 | 0.274 | 0.411 | 0.213 |
This table reports the results of further robust analysis. Columns (1) and (2) present the results of alternative independent variable. Columns (3) and (4) report the results of sub-sample. Columns (5) and (6) show the results of controlled climate transition risk. *, ** and *** denote significance at the 10, 5 and 1% levels, respectively