Table 4 Results of the probit estimation...

Table 4

Results of the probit estimation for sector and size (payments/gifts)

	Dependent variable
	Environmental regulations
	Small	Medium	Large	Man	Non-man
Payments/Gifts	1.194^***	1.261^***	0.838^***	1.017^***	0.998^***
Payments/Gifts	(0.081)	(0.108)	(0.114)	(0.084)	(0.093)
CO2 monitoring	0.661^***	0.301^**	0.179^*	0.277^***	0.361^**
CO2 monitoring	(0.179)	(0.124)	(0.108)	(0.092)	(0.143)
Public expenditure (environment)	0.413^***	0.285^**	0.019	0.176^**	0.325^***
Public expenditure (environment)	(0.098)	(0.112)	(0.128)	(0.086)	(0.103)
Non-manufacturing	−0.168^***	−0.336^***	−0.215^**
Non-manufacturing	(0.062)	(0.076)	(0.090)
Medium				−0.067	−0.160
Medium				(0.074)	(0.098)
Small				−0.309^***	−0.274^***
Small				(0.075)	(0.090)
Financial exposure	0.217^***	0.255^***	0.258^***	0.043	0.277^***
Financial exposure	(0.065)	(0.075)	(0.085)	(0.060)	(0.066)
Constant	−0.114^**	0.082	0.280^***	0.247^*	−0.406^***
Constant	(0.056)	(0.065)	(0.076)	(0.127)	(0.112)
Country FE	Yes	Yes	Yes	Yes	Yes
Observations	1,942	1,368	1,056	2,431	1,935
Log Likelihood	−1143.441	−765.196	−590.074	−1260.944	−1095.392
Akaike Inf. Crit	2298.882	1542.392	1192.148	2557.888	2226.783

	Dependent variable
	Environmental regulations
	Small	Medium	Large	Man	Non-man
Payments/Gifts	1.194^***	1.261^***	0.838^***	1.017^***	0.998^***
Payments/Gifts	(0.081)	(0.108)	(0.114)	(0.084)	(0.093)
CO2 monitoring	0.661^***	0.301^**	0.179^*	0.277^***	0.361^**
CO2 monitoring	(0.179)	(0.124)	(0.108)	(0.092)	(0.143)
Public expenditure (environment)	0.413^***	0.285^**	0.019	0.176^**	0.325^***
Public expenditure (environment)	(0.098)	(0.112)	(0.128)	(0.086)	(0.103)
Non-manufacturing	−0.168^***	−0.336^***	−0.215^**
Non-manufacturing	(0.062)	(0.076)	(0.090)
Medium				−0.067	−0.160
Medium				(0.074)	(0.098)
Small				−0.309^***	−0.274^***
Small				(0.075)	(0.090)
Financial exposure	0.217^***	0.255^***	0.258^***	0.043	0.277^***
Financial exposure	(0.065)	(0.075)	(0.085)	(0.060)	(0.066)
Constant	−0.114^**	0.082	0.280^***	0.247^*	−0.406^***
Constant	(0.056)	(0.065)	(0.076)	(0.127)	(0.112)
Country FE	Yes	Yes	Yes	Yes	Yes
Observations	1,942	1,368	1,056	2,431	1,935
Log Likelihood	−1143.441	−765.196	−590.074	−1260.944	−1095.392
Akaike Inf. Crit	2298.882	1542.392	1192.148	2557.888	2226.783

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

Source(s): Authors' own work

Sharing Unavailable