A propensity score matching analysis
| Dependent variable | REM_CFO | REM_DISEXP | REM_PRODCOST | REM_SUM |
|---|---|---|---|---|
| CONSTANT | 0.544*** (4.63) | 0.395*** (3.58) | 0.191* (1.92) | 1.112*** (4.62) |
| COUNTRY_NETZERO | 0.031*** (4.13) | 0.022*** (3.56) | 0.017*** (3.76) | 0.074*** (5.71) |
| CLIMATE_RISK | −0.000 (−0.14) | 0.000 (1.13) | −0.000 (−0.83) | 0.000 (0.19) |
| GDP_PER_CAPITA | −0.021 (−1.43) | 0.004 (0.37) | −0.001 (−0.11) | −0.015 (−0.60) |
| GDP_GROWTH_RATE | 0.000 (0.79) | −0.001*** (−2.96) | −0.001** (−2.16) | −0.002* (−1.84) |
| CO2_PER_CAPITA | −0.007*** (−3.55) | −0.002* (−1.90) | 0.003*** (3.10) | −0.006** (−2.24) |
| CORRUPT_CONTROL | −0.035*** (−3.33) | −0.001 (−0.07) | 0.022*** (2.97) | −0.016 (−0.83) |
| GOV_EFFECT | 0.012 (1.08) | 0.010 (1.11) | 0.013 (1.56) | 0.037* (1.85) |
| POL_STABILITY | −0.039*** (−5.12) | −0.005 (−0.83) | 0.011** (1.96) | −0.031** (−2.30) |
| REGULATE_QUAL | 0.011 (0.82) | −0.016 (−1.62) | −0.012 (−1.40) | −0.021 (−0.98) |
| RULE_LAW | −0.005 (−0.30) | −0.042*** (−2.98) | −0.038*** (−3.12) | −0.094*** (−3.04) |
| VOICE_ACCOUNT | 0.030** (2.13) | 0.016* (1.92) | −0.008 (−0.99) | 0.041* (1.87) |
| CTR | −0.119* (−1.74) | −0.077 (−1.37) | 0.121** (2.55) | −0.081 (−0.66) |
| SIZE | −0.014*** (−12.56) | −0.036*** (−22.26) | −0.006*** (−4.37) | −0.056*** (−18.61) |
| LEV | −0.005 (−1.15) | 0.005 (1.21) | 0.001 (0.22) | 0.002 (0.17) |
| ROA | −0.127*** (−17.09) | −0.054*** (−6.71) | 0.086*** (12.69) | −0.099*** (−5.99) |
| CASH | 0.118*** (16.92) | 0.097*** (10.30) | 0.046*** (6.26) | 0.265*** (14.17) |
| PPE | −0.016*** (−5.39) | 0.010*** (2.97) | 0.012*** (3.68) | 0.006 (0.79) |
| INTANG | −0.044*** (−6.12) | −0.023** (−1.99) | −0.029*** (−3.42) | −0.097*** (−4.57) |
| FOREIGN | 0.007** (2.39) | 0.008** (2.52) | 0.001 (0.48) | 0.016** (2.50) |
| R&D | 0.026* (1.92) | 0.294*** (13.01) | −0.007 (−0.56) | 0.315*** (8.22) |
| SGA | −0.003*** (−4.15) | 0.042*** (33.05) | −0.007*** (−13.39) | 0.034*** (18.79) |
| CAPEX | 0.208*** (6.71) | 0.262*** (9.67) | 0.239*** (8.80) | 0.703*** (11.01) |
| COVID19 | −0.070*** (−7.17) | −0.012 (−1.44) | −0.011* (−1.79) | −0.095*** (−5.53) |
| Industry fixed effect | Yes | Yes | Yes | Yes |
| Country fixed effect | Yes | Yes | Yes | Yes |
| Year fixed effect | Yes | Yes | Yes | Yes |
| N | 65,037 | 65,037 | 65,037 | 65,037 |
| Adjusted R-squared | 0.111 | 0.427 | 0.139 | 0.268 |
| Dependent variable | ||||
|---|---|---|---|---|
| 0.544 | 0.395 | 0.191 | 1.112 | |
| 0.031 | 0.022 | 0.017 | 0.074 | |
| −0.000 (−0.14) | 0.000 (1.13) | −0.000 (−0.83) | 0.000 (0.19) | |
| −0.021 (−1.43) | 0.004 (0.37) | −0.001 (−0.11) | −0.015 (−0.60) | |
| 0.000 (0.79) | −0.001 | −0.001 | −0.002 | |
| −0.007 | −0.002 | 0.003 | −0.006 | |
| −0.035 | −0.001 (−0.07) | 0.022 | −0.016 (−0.83) | |
| 0.012 (1.08) | 0.010 (1.11) | 0.013 (1.56) | 0.037 | |
| −0.039 | −0.005 (−0.83) | 0.011 | −0.031 | |
| 0.011 (0.82) | −0.016 (−1.62) | −0.012 (−1.40) | −0.021 (−0.98) | |
| −0.005 (−0.30) | −0.042 | −0.038 | −0.094 | |
| 0.030 | 0.016 | −0.008 (−0.99) | 0.041 | |
| −0.119 | −0.077 (−1.37) | 0.121 | −0.081 (−0.66) | |
| −0.014 | −0.036 | −0.006 | −0.056 | |
| −0.005 (−1.15) | 0.005 (1.21) | 0.001 (0.22) | 0.002 (0.17) | |
| −0.127 | −0.054 | 0.086 | −0.099 | |
| 0.118 | 0.097 | 0.046 | 0.265 | |
| −0.016 | 0.010 | 0.012 | 0.006 (0.79) | |
| −0.044 | −0.023 | −0.029 | −0.097 | |
| 0.007 | 0.008 | 0.001 (0.48) | 0.016 | |
| 0.026 | 0.294 | −0.007 (−0.56) | 0.315 | |
| −0.003 | 0.042 | −0.007 | 0.034 | |
| 0.208 | 0.262 | 0.239 | 0.703 | |
| −0.070 | −0.012 (−1.44) | −0.011 | −0.095 | |
| Industry fixed effect | ||||
| Country fixed effect | ||||
| Year fixed effect | ||||
| 65,037 | 65,037 | 65,037 | 65,037 | |
| Adjusted | 0.111 | 0.427 | 0.139 | 0.268 |
*, ** and *** denote significant level at the 0.1, 0.05 and 0.01 levels, respectively, using two-tailed p-values
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