Table 2 Variable definitions and...

Table 2

Variable definitions and descriptive statistics

Name	Variable definition	Symbols	N	Mean	P25	Median	P75	SD	Min	Max
Corporate digital transformation	Natural logarithm of the total word frequency plus one	CDT	533	2.269	1.609	2.639	2.996	1.125	0.000	4.736
Credit spread of the green bond	The percentage difference between the coupon rate of green bonds and the yield of Treasury bonds of the same period and maturity	Spread	533	0.875	0.405	0.645	1.024	0.786	−0.659	4.521
Leverage ratio	Total debt (including both long-term debt and short-term debt in current liabilities) divided by the book value of total assets	Leverage	533	0.726	0.608	0.750	0.818	0.143	0.160	0.943
Firm size	Natural logarithm of bond issuer’s total assets	Size	533	26.329	25.079	25.997	27.683	1.827	21.441	31.431
Fixed asset turnover ratio	Turnover of fixed assets	Turnover	533	2.047	0.313	1.097	2.327	2.819	0.022	21.911
Return on equity	Return on equity	ROE	533	0.021	0.012	0.018	0.027	0.016	−0.031	0.130
State ownership	Dummy variable that takes the value of 1 if the bond issuer is a state-owned enterprise, and 0 otherwise	SOE	533	0.696	0.000	1.000	1.000	0.460	0.000	1.000
Redeemability of bonds	Dummy variable equal to 1 if the bond is redeemable, and 0 otherwise	Redeemable	533	0.099	0.000	0.000	0.000	0.300	0.000	1.000
Bond rating	Bond ratings are mapped numerically: < AA = 1, AA = 2, AA+ = 3, AAA = 4	Rating	533	3.486	3.000	4.000	4.000	0.982	1.000	4.000
Bond size	Bond issuance scale in billions of RMB	Amount	533	2.385	0.210	0.560	1.788	5.194	0.001	30.000
Bond maturity	Natural logarithm of the number of years until maturity	Maturity	533	1.006	0.693	1.099	1.609	1.079	−3.219	3.193
GDP growth	Growth of GDP of the city where the bond issuer is located	GDP	533	4.856	3.200	5.300	6.720	2.848	−5.300	11.500

Name	Variable definition	Symbols	N	Mean	P25	Median	P75	SD	Min	Max
Corporate digital transformation	Natural logarithm of the total word frequency plus one	CDT	533	2.269	1.609	2.639	2.996	1.125	0.000	4.736
Credit spread of the green bond	The percentage difference between the coupon rate of green bonds and the yield of Treasury bonds of the same period and maturity	Spread	533	0.875	0.405	0.645	1.024	0.786	−0.659	4.521
Leverage ratio	Total debt (including both long-term debt and short-term debt in current liabilities) divided by the book value of total assets	Leverage	533	0.726	0.608	0.750	0.818	0.143	0.160	0.943
Firm size	Natural logarithm of bond issuer’s total assets	Size	533	26.329	25.079	25.997	27.683	1.827	21.441	31.431
Fixed asset turnover ratio	Turnover of fixed assets	Turnover	533	2.047	0.313	1.097	2.327	2.819	0.022	21.911
Return on equity	Return on equity	ROE	533	0.021	0.012	0.018	0.027	0.016	−0.031	0.130
State ownership	Dummy variable that takes the value of 1 if the bond issuer is a state-owned enterprise, and 0 otherwise	SOE	533	0.696	0.000	1.000	1.000	0.460	0.000	1.000
Redeemability of bonds	Dummy variable equal to 1 if the bond is redeemable, and 0 otherwise	Redeemable	533	0.099	0.000	0.000	0.000	0.300	0.000	1.000
Bond rating	Bond ratings are mapped numerically: < AA = 1, AA = 2, AA+ = 3, AAA = 4	Rating	533	3.486	3.000	4.000	4.000	0.982	1.000	4.000
Bond size	Bond issuance scale in billions of RMB	Amount	533	2.385	0.210	0.560	1.788	5.194	0.001	30.000
Bond maturity	Natural logarithm of the number of years until maturity	Maturity	533	1.006	0.693	1.099	1.609	1.079	−3.219	3.193
GDP growth	Growth of GDP of the city where the bond issuer is located	GDP	533	4.856	3.200	5.300	6.720	2.848	−5.300	11.500

Note(s): N denotes the number of firm-bond observations; SD denotes standard deviation; P25, Median and P75 denote the 25th, 50th and 75th percentiles, respectively. All continuous variables are winsorized at the 1st and 99th percentiles

Source(s): Author’s own work

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