Influence of green indexes on firms’ financial conditions
| (1) | (2) | (3) | (4) | (5) | (6) | |
|---|---|---|---|---|---|---|
| Variables | CF | CF | GEAR | GEAR | LIQ | LIQ |
| Gci | 0.597*** (3.01) | −64.27*** (−10.52) | −0.249*** (−8.86) | |||
| Bli | −1.891*** (−2.67) | 134.3*** (6.67) | 0.049 (0.55) | |||
| Age | −0.859*** (−30.50) | −0.859*** (−30.51) | −18.52*** (−20.09) | −18.50*** (−20.07) | 0.0423*** (11.16) | 0.042*** (11.17) |
| Size | 3.330*** (100.02) | 3.330*** (100.01) | 17.85*** (25.91) | 17.85*** (25.92) | −0.129*** (−38.03) | −0.129*** (−38.01) |
| Roe | 0.104*** (158.26) | 0.104*** (158.26) | −0.408*** (−18.40) | −0.409*** (−18.47) | 0.001*** (20.78) | 0.001*** (20.65) |
| Sales | −2.865*** (−61.47) | −2.864*** (−61.46) | −22.09*** (−24.65) | −22.14*** (−24.70) | −0.026*** (−5.63) | −0.026*** (−5.65) |
| Emp | −0.562*** (−21.92) | −0.561*** (−21.89) | 11.05*** (15.10) | 10.98*** (15.00) | 0.033*** (9.92) | 0.033*** (9.88) |
| Ltd | 0.078*** (26.40) | 0.078*** (26.39) | 8.260*** (86.06) | 8.258*** (86.02) | 0.008*** (19.86) | 0.007*** (19.78) |
| IC | 0.009*** (38.51) | 0.009*** (38.50) | −0.354*** (−57.72) | −0.354*** (−57.67) | 0.001*** (41.28) | 0.001*** (41.28) |
| Year F.E. | Yes | Yes | Yes | Yes | Yes | Yes |
| Country F.E. | Yes | Yes | Yes | Yes | Yes | Yes |
| Industry F.E. | Yes | Yes | Yes | Yes | Yes | Yes |
| Intercept | −0.871 (−1.39) | −0.938 (−1.50) | 27.58 (0.68) | 32.69 (0.84) | 0.112 (0.34) | 0.116 (0.35) |
| N | 196,304 | 196,304 | 187,778 | 187,778 | 197,724 | 197,724 |
| R2 | 0.413 | 0.413 | 0.111 | 0.110 | 0.103 | 0.103 |
| Adj. R2 | 0.413 | 0.413 | 0.110 | 0.110 | 0.103 | 0.102 |
| (1) | (2) | (3) | (4) | (5) | (6) | |
|---|---|---|---|---|---|---|
| Variables | ||||||
| Gci | 0.597 | −64.27 | −0.249 | |||
| Bli | −1.891 | 134.3 | 0.049 (0.55) | |||
| Age | −0.859 | −0.859 | −18.52 | −18.50 | 0.0423 | 0.042 |
| Size | 3.330 | 3.330 | 17.85 | 17.85 | −0.129 | −0.129 |
| Roe | 0.104 | 0.104 | −0.408 | −0.409 | 0.001 | 0.001 |
| Sales | −2.865 | −2.864 | −22.09 | −22.14 | −0.026 | −0.026 |
| Emp | −0.562 | −0.561 | 11.05 | 10.98 | 0.033 | 0.033 |
| Ltd | 0.078 | 0.078 | 8.260 | 8.258 | 0.008 | 0.007 |
| 0.009 | 0.009 | −0.354 | −0.354 | 0.001 | 0.001 | |
| Year F.E. | Yes | Yes | Yes | Yes | Yes | Yes |
| Country F.E. | Yes | Yes | Yes | Yes | Yes | Yes |
| Industry F.E. | Yes | Yes | Yes | Yes | Yes | Yes |
| Intercept | −0.871 (−1.39) | −0.938 (−1.50) | 27.58 (0.68) | 32.69 (0.84) | 0.112 (0.34) | 0.116 (0.35) |
| N | 196,304 | 196,304 | 187,778 | 187,778 | 197,724 | 197,724 |
| 0.413 | 0.413 | 0.111 | 0.110 | 0.103 | 0.103 | |
| Adj. | 0.413 | 0.413 | 0.110 | 0.110 | 0.103 | 0.102 |
In Columns 1 and 2 the dependent variable is cash flow ratio; in Columns 3 and 4 the dependent variable is gearing; in Columns 5 and 6 the dependent variable is liquidity ratio. All models include year, industry, country fixed effects. See the text and Appendix 1 for details on the definitions of the variables. The sizes of the samples are not the same because of missing data. Coefficients are obtained after controlling for heteroskedasticity. The t-statistics are in parentheses
***p-value < 0.01
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