Results of probit estimation after model averaging
| Dependent variable | ||
|---|---|---|
| Environmental regulations | ||
| (1) | (2) | |
| Payment/Gifts | 1.002*** | |
| (0.062) | ||
| No Obstacle | −0.244*** | |
| (0.084) | ||
| Not a priority relative to other investments | −0.414*** | |
| (0.084) | ||
| Not profitable | 0.170 | |
| (0.119) | ||
| Operational and/or technical risk | −0.208 | |
| (0.161) | ||
| Uncertainty about future prices | 0.145 | |
| (0.151) | ||
| Uncertainty about regulation | 0.174 | |
| (0.143) | ||
| CO2 monitoring | 0.304*** | 0.329*** |
| (0.077) | (0.076) | |
| Public expenditure (environment) | 0.236*** | 0.280*** |
| (0.066) | (0.063) | |
| Non-manufacturing | −0.128*** | −0.090** |
| (0.045) | (0.044) | |
| Medium | −0.096 | −0.091 |
| (0.058) | (0.058) | |
| Small | −0.277*** | −0.246*** |
| (0.057) | (0.056) | |
| Financial exposure | 0.151*** | 0.172*** |
| (0.044) | (0.043) | |
| Constant | −0.081 | 0.146 |
| (0.084) | (0.112) | |
| Country FE | Yes | Yes |
| Observations | 4,366 | 4,366 |
| Log Likelihood | −2371.933 | −2478.715 |
| Akaike Inf. Crit | 4781.867 | 5005.430 |
| Dependent variable | ||
|---|---|---|
| Environmental regulations | ||
| (1) | (2) | |
| Payment/Gifts | 1.002*** | |
| (0.062) | ||
| No Obstacle | −0.244*** | |
| (0.084) | ||
| Not a priority relative to other investments | −0.414*** | |
| (0.084) | ||
| Not profitable | 0.170 | |
| (0.119) | ||
| Operational and/or technical risk | −0.208 | |
| (0.161) | ||
| Uncertainty about future prices | 0.145 | |
| (0.151) | ||
| Uncertainty about regulation | 0.174 | |
| (0.143) | ||
| CO2 monitoring | 0.304*** | 0.329*** |
| (0.077) | (0.076) | |
| Public expenditure (environment) | 0.236*** | 0.280*** |
| (0.066) | (0.063) | |
| Non-manufacturing | −0.128*** | −0.090** |
| (0.045) | (0.044) | |
| Medium | −0.096 | −0.091 |
| (0.058) | (0.058) | |
| Small | −0.277*** | −0.246*** |
| (0.057) | (0.056) | |
| Financial exposure | 0.151*** | 0.172*** |
| (0.044) | (0.043) | |
| Constant | −0.081 | 0.146 |
| (0.084) | (0.112) | |
| Country FE | Yes | Yes |
| Observations | 4,366 | 4,366 |
| Log Likelihood | −2371.933 | −2478.715 |
| Akaike Inf. Crit | 4781.867 | 5005.430 |
Note(s): *p < 0.1; **p < 0.05; ***p < 0.01
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