Table 9. Mitigating selection bias on...

Table 9.

Mitigating selection bias on pilot corporates

Variables	(1)	(2)	(3)	(4)	(5)
Variables	Corporate green M&As: GMA
TREAT × POST	0.091*** (4.191)	0.052** (2.515)	0.036* (1.870)	0.037* (1.889)	0.037* (1.925)
Geographically adjacent	Yes
Same-Province		Yes
PSM-Neighbor			Yes
PSM-Kenel				Yes
PSM-Radius					Yes
Control vars	Yes	Yes	Yes	Yes	Yes
Corporate/year FE	Yes	Yes	Yes	Yes	Yes
Observation	5,477	9,333	24,833	24,826	24,819
Adj_R²	0.419	0.413	0.416	0.416	0.416

Variables	(1)	(2)	(3)	(4)	(5)
Variables	Corporate green M&As: GMA
TREAT × POST	0.091*** (4.191)	0.052** (2.515)	0.036* (1.870)	0.037* (1.889)	0.037* (1.925)
Geographically adjacent	Yes
Same-Province		Yes
PSM-Neighbor			Yes
PSM-Kenel				Yes
PSM-Radius					Yes
Control vars	Yes	Yes	Yes	Yes	Yes
Corporate/year FE	Yes	Yes	Yes	Yes	Yes
Observation	5,477	9,333	24,833	24,826	24,819
Adj_R²	0.419	0.413	0.416	0.416	0.416

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

[ViewLarge]

Sharing Unavailable