Table 8.

Controlling for contemporaneous policy

Variables(1)(2)(3)(4)
Corporate green M&As: GMA
TREAT × POST0.043** (2.304)0.048** (2.503)0.045** (2.346)0.047** (2.457)
Industry policyYes   
CEPI Yes  
GFRIPZ  Yes 
CAA   Yes
Control varsYesYesYesYes
Corporate/year FEYesYesYesYes
Observation27,99427,99827,99827,998
Adj_R20.4230.4200.4200.420
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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