Table 1

Results of BMA model averaging

Depentent variable
Environmental regulations
p! = 0EVSDModel 1
Intercept 1000.767270.1650147.673e−01
Payments/gifts 1001.941730.1094471.942e+00
Political connection 000 
EPI 1000.060940.0066436.094e−02
EQI 1000.342710.0737183.43 E+02
Obstacles 100   
 No obstacle −0.186250.145554−1.862e−01
 Not a priority related to other investments −0.360500.145063−3.605e−01
 Not profitable 0.154720.2148081.547e−01
 Operational and/or technical risk −0.096910.274144−9.691e−02
 Uncertainty about future prices 0.607420.2691826.074e−01
 Uncertainty about regulations 0.513830.2555485.138e−01
Energy target 00.0000.000 
Climate objectives 00.0000.000 
CO2 targets 00.0000.000 
Climate responsible 00.0000.000 
Energy consumption 00.0000.000 
Energy taxes 00.0000.000 
Energy standards 00.0000.000 
CO2 monitoring 1000.494100.1283834.941e−01
Pollution control 000 
Public expenditures (environment) 1000.437280.1098304.373e−01
Public expenditures (energy) 00.0000.000 
Water management 00.0000.000 
Waste recycling and reduction 00.0000.000 
Lock-in 00.0000.000 
Physical risk 00.0000.000 
Sector 100   
 Non-manufacturing −0.378090.071063−3.781e−01
Size 100   
 Medium −0.245470.096402−2.455e−01
 Small −0.425290.093585−4.253e−01
Certification 00.0000.000 
KPI 00.0000.000 
Innovation 00.0000.000 
Patent 00.0000.000 
R&D 00.0000.000 
Financial exposure 1000.352140.0713853.521e−01
nVar  8  
BIC  −3.157e+04  
Post Prob  1  
Source(s): Authors' own work

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