Instrumental variable analyses.
| Panel A: Sea level rise | |||
|---|---|---|---|
| First-stage regression | Second-stage regression | Second-stage regression | |
| Sea level rise (1) | MESt+1 (2) | ΔCoVart+1 (2) | |
| Percentage of building in flood zone | 0.00066***(30.21) | ||
| Sea level rise | 0.3457*** (2.72) | 0.1444*** (7.73) | |
| Controls | Yes | Yes | Yes |
| State fixed effects | Yes | Yes | Yes |
| Firm fixed effects | Yes | Yes | No |
| Cluster by quarter | Yes | Yes | Yes |
| Observations | 10666 | 10666 | 10666 |
| Panel B: Environmental and climate policy uncertainty | |||
| First-stage regression Environmental policy uncertainty (1) | Second-stage regression MESt+1 (2) | Second-stage regression ΔCoVart+1 (2) | |
| Climate change concern | 1.0881***(2.73) | ||
| Environmental and climate policy uncertainty | 0.0742** (2.02) | 0.0333* (1.74) | |
| Controls | Yes | Yes | Yes |
| Firm fixed effects | Yes | Yes | Yes |
| State fixed effects | Yes | Yes | Yes |
| Time fixed effects | Yes | Yes | Yes |
| Cluster by firm | Yes | Yes | Yes |
| Observations | 10666 | 10666 | 10666 |
| Panel A: Sea level rise | |||
|---|---|---|---|
| First-stage regression | Second-stage regression | Second-stage regression | |
| Sea level rise (1) | MESt+1 (2) | ΔCoVart+1 (2) | |
| Percentage of building in flood zone | 0.00066***(30.21) | ||
| Sea level rise | 0.3457*** (2.72) | 0.1444*** (7.73) | |
| Controls | Yes | Yes | Yes |
| State fixed effects | Yes | Yes | Yes |
| Firm fixed effects | Yes | Yes | No |
| Cluster by quarter | Yes | Yes | Yes |
| Observations | 10666 | 10666 | 10666 |
| Panel B: Environmental and climate policy uncertainty | |||
| First-stage regression Environmental policy uncertainty (1) | Second-stage regression MESt+1 (2) | Second-stage regression | |
| Climate change concern | 1.0881***(2.73) | ||
| Environmental and climate policy uncertainty | 0.0742** (2.02) | 0.0333* (1.74) | |
| Controls | Yes | Yes | Yes |
| Firm fixed effects | Yes | Yes | Yes |
| State fixed effects | Yes | Yes | Yes |
| Time fixed effects | Yes | Yes | Yes |
| Cluster by firm | Yes | Yes | Yes |
| Observations | 10666 | 10666 | 10666 |
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