Table 3 Results of the probit estimation...

Table 3

Results of the probit estimation for sector and size (obstacle)

	Dependent variable
	Environmental regulations
	Small	Medium	Large	Man	Non-man
No Obstacle	−0.296^***	−0.226	−0.413^*	−0.360^***	−0.110
No Obstacle	(0.112)	(0.144)	(0.215)	(0.116)	(0.127)
Not a priority relative to other investments	−0.383^***	−0.219	−0.605^***	−0.477^***	−0.328^***
Not a priority relative to other investments	(0.108)	(0.147)	(0.223)	(0.117)	(0.124)
Not profitable	0.263	0.433^**	0.103	0.126	0.236
Not profitable	(0.163)	(0.195)	(0.294)	(0.167)	(0.173)
Operational and/or technical risk	0.036	0.265	−0.884^***	−0.380^*	0.048
Operational and/or technical risk	(0.223)	(0.305)	(0.336)	(0.215)	(0.246)
Uncertainty about future prices	0.471^**	0.217	0.010	0.318	−0.176
Uncertainty about future prices	(0.217)	(0.253)	(0.326)	(0.205)	(0.242)
Uncertainty about regulation	0.353^*	0.262	−0.195	0.066	0.322
Uncertainty about regulation	(0.202)	(0.237)	(0.324)	(0.194)	(0.216)
CO2 monitoring	0.683^***	0.314^**	0.204^*	0.326^***	0.349^**
CO2 monitoring	(0.173)	(0.122)	(0.110)	(0.091)	(0.141)
Public expenditure (environment)	0.497^***	0.371^***	0.113	0.246^***	0.331^***
Public expenditure (environment)	(0.092)	(0.106)	(0.125)	(0.083)	(0.100)
Non-manufacturing	−0.159^***	−0.368^***	−0.225^**
Non-manufacturing	(0.060)	(0.074)	(0.089)
Medium				−0.066	−0.159
Medium				(0.073)	(0.097)
Small				−0.280^***	−0.251^***
Small				(0.075)	(0.089)
Financial exposure	0.343^***	0.291^***	0.273^***	0.084	0.272^***
Financial exposure	(0.062)	(0.073)	(0.084)	(0.059)	(0.065)
Constant	0.316^***	0.427^***	0.842^***	0.540^***	−0.213
Constant	(0.108)	(0.145)	(0.218)	(0.165)	(0.156)
Country FE	Yes	Yes	Yes	Yes	Yes
Observations	1,942	1,368	1,056	2,431	1,935
Log Likelihood	−1238.456	−833.562	−608.719	−1317.849	−1141.567
Akaike Inf. Crit	2498.911	1689.123	1239.439	2681.697	2329.134

	Dependent variable
	Environmental regulations
	Small	Medium	Large	Man	Non-man
No Obstacle	−0.296^***	−0.226	−0.413^*	−0.360^***	−0.110
No Obstacle	(0.112)	(0.144)	(0.215)	(0.116)	(0.127)
Not a priority relative to other investments	−0.383^***	−0.219	−0.605^***	−0.477^***	−0.328^***
Not a priority relative to other investments	(0.108)	(0.147)	(0.223)	(0.117)	(0.124)
Not profitable	0.263	0.433^**	0.103	0.126	0.236
Not profitable	(0.163)	(0.195)	(0.294)	(0.167)	(0.173)
Operational and/or technical risk	0.036	0.265	−0.884^***	−0.380^*	0.048
Operational and/or technical risk	(0.223)	(0.305)	(0.336)	(0.215)	(0.246)
Uncertainty about future prices	0.471^**	0.217	0.010	0.318	−0.176
Uncertainty about future prices	(0.217)	(0.253)	(0.326)	(0.205)	(0.242)
Uncertainty about regulation	0.353^*	0.262	−0.195	0.066	0.322
Uncertainty about regulation	(0.202)	(0.237)	(0.324)	(0.194)	(0.216)
CO2 monitoring	0.683^***	0.314^**	0.204^*	0.326^***	0.349^**
CO2 monitoring	(0.173)	(0.122)	(0.110)	(0.091)	(0.141)
Public expenditure (environment)	0.497^***	0.371^***	0.113	0.246^***	0.331^***
Public expenditure (environment)	(0.092)	(0.106)	(0.125)	(0.083)	(0.100)
Non-manufacturing	−0.159^***	−0.368^***	−0.225^**
Non-manufacturing	(0.060)	(0.074)	(0.089)
Medium				−0.066	−0.159
Medium				(0.073)	(0.097)
Small				−0.280^***	−0.251^***
Small				(0.075)	(0.089)
Financial exposure	0.343^***	0.291^***	0.273^***	0.084	0.272^***
Financial exposure	(0.062)	(0.073)	(0.084)	(0.059)	(0.065)
Constant	0.316^***	0.427^***	0.842^***	0.540^***	−0.213
Constant	(0.108)	(0.145)	(0.218)	(0.165)	(0.156)
Country FE	Yes	Yes	Yes	Yes	Yes
Observations	1,942	1,368	1,056	2,431	1,935
Log Likelihood	−1238.456	−833.562	−608.719	−1317.849	−1141.567
Akaike Inf. Crit	2498.911	1689.123	1239.439	2681.697	2329.134

Note(s): ^*p < 0.1, ^**p < 0.05, ^***p < 0.01

Source(s): Authors' own work

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