Table 7. Robust checks Variables (1) (2)...

Table 7.

Robust checks

Variables	(1)	(2)	(3)	(4)	(5)	(6)
Variables	GMA_2	Count_GMA	GMA_3	Corporate green M&As: GMA
TREAT × POST	0.035** (1.972)	0.256*** (3.044)	0.061** (2.472)			0.043** (2.347)
PLACEBO²⁰¹³				−0.017 (−0.773)
PLACEBO²⁰¹⁵					−0.026 (−1.187)
Alternative measure	Yes
NBR		Yes
IHS			Yes
Placebo test				Yes	Yes
Geography × Year						Yes
Control vars	Yes	Yes	Yes	Yes	Yes	Yes
Corporate/year FE	Yes	Yes	Yes	Yes	Yes	Yes
Observation	27,998	20,759	27,998	13,648	13,648	27,718
Adj_R²/Pseudo_R²	0.331	0.3455	0.422	0.425	0.425	0.421

Variables	(1)	(2)	(3)	(4)	(5)	(6)
Variables	GMA_2	Count_GMA	GMA_3	Corporate green M&As: GMA
TREAT × POST	0.035** (1.972)	0.256*** (3.044)	0.061** (2.472)			0.043** (2.347)
PLACEBO²⁰¹³				−0.017 (−0.773)
PLACEBO²⁰¹⁵					−0.026 (−1.187)
Alternative measure	Yes
NBR		Yes
IHS			Yes
Placebo test				Yes	Yes
Geography × Year						Yes
Control vars	Yes	Yes	Yes	Yes	Yes	Yes
Corporate/year FE	Yes	Yes	Yes	Yes	Yes	Yes
Observation	27,998	20,759	27,998	13,648	13,648	27,718
Adj_R²/Pseudo_R²	0.331	0.3455	0.422	0.425	0.425	0.421

Note(s):

***, ** and *denote significance at 1, 5 and 10%, respectively. Corporate/year FE are corporate- and year fixed effects. Prefecture control variables include LNGDP and FINANCE, and corporate control variables include SIZE, LEV, SOE, ROA and AGE. The sample period is from 2011 to 2022. GMA is measured by the natural logarithm of its yearly count of green M&A activities plus one

Source(s): Authors’ own work

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