Table 3: Alternative climate change... | Emerald Publishing

Table 3:

Alternative climate change measures.

Panel A: Climate disaster
	(1) MES_t+1	(2) MES_t+1	(3) ACoVar_t+1	(4) ACoVar_t+1
Climate disaster	0.3953^*(1.68)	0.4627^** (1.98)	0.2193^* (1.96)	0.2225^** (1.98)
Controls	Yes	Yes	Yes	Yes
Firm fixed effects	Yes	Yes	Yes	Yes
Time fixed effects	Yes	Yes	Yes	Yes
Cluster by firm	Yes	Yes	Yes	Yes
Observations	27688	27673	27703	27688
Adjusted R^²	0.3542	0.3703	0.3743	0.3779
Panel B: Firm-level environmental risk
	(1) MES_t+1	(2) MES_t+1	(3) ACoVar_t+1	(4) ACoVar_t+1
Firm-level environmental risk	1.1282^***(4.75)	1.0508^*** (4.52)	0.1222^*** (4.03)	0.1086^*** (3.78)
Controls	Yes	Yes	Yes	Yes
Firm fixed effects	Yes	Yes	Yes	Yes
Time fixed effects	Yes	Yes	Yes	Yes
Cluster by firm	Yes	Yes	Yes	Yes
Observations	6952	6949	6952	6949
Adjusted R^²	0.3096	0.3316	0.6738	0.6821

Panel A: Climate disaster
	(1) MES_t+1	(2) MES_t+1	(3) ACoVar_t+1	(4) ACoVar_t+1
Climate disaster	0.3953^*(1.68)	0.4627^** (1.98)	0.2193^* (1.96)	0.2225^** (1.98)
Controls	Yes	Yes	Yes	Yes
Firm fixed effects	Yes	Yes	Yes	Yes
Time fixed effects	Yes	Yes	Yes	Yes
Cluster by firm	Yes	Yes	Yes	Yes
Observations	27688	27673	27703	27688
Adjusted R²	0.3542	0.3703	0.3743	0.3779
Panel B: Firm-level environmental risk
	(1) MES_t+1	(2) MES_t+1	(3) ACoVar_t+1	(4) ACoVar_t+1
Firm-level environmental risk	1.1282^***(4.75)	1.0508^*** (4.52)	0.1222^*** (4.03)	0.1086^*** (3.78)
Controls	Yes	Yes	Yes	Yes
Firm fixed effects	Yes	Yes	Yes	Yes
Time fixed effects	Yes	Yes	Yes	Yes
Cluster by firm	Yes	Yes	Yes	Yes
Observations	6952	6949	6952	6949
Adjusted R²	0.3096	0.3316	0.6738	0.6821