Effects of CDT on financing cost of green bond
| (1) | (2) | (3) | (4) | |
|---|---|---|---|---|
| Spread | Spread | Spread | Spread | |
| CDT | −0.227*** | −0.207*** | −0.306*** | −0.283*** |
| (−7.77) | (−5.94) | (−6.99) | (−6.97) | |
| Leverage | 1.460*** | −0.058 | ||
| (5.79) | (−0.13) | |||
| Size | −0.208*** | −0.086** | ||
| (−7.36) | (−2.49) | |||
| Turnover | 0.007 | −0.003 | ||
| (0.48) | (−0.15) | |||
| ROE | −2.229 | −0.163 | ||
| (−0.90) | (−0.09) | |||
| SOE | −0.235*** | −0.026 | ||
| (−2.77) | (−0.29) | |||
| Redeemable | 0.058 | 0.079 | ||
| (0.62) | (0.95) | |||
| Rating | −0.110** | −0.092** | ||
| (−2.46) | (−2.14) | |||
| Amount | 0.010** | −0.004 | ||
| (2.08) | (−0.62) | |||
| Maturity | 0.021 | −0.027 | ||
| (0.84) | (−1.27) | |||
| GDP | 0.021* | −0.030 | ||
| (1.71) | (−1.60) | |||
| Constant | 1.390*** | 6.181*** | 1.563*** | 4.347*** |
| (16.42) | (9.74) | (14.11) | (5.08) | |
| Industry | NO | NO | YES | YES |
| Year | NO | NO | YES | YES |
| Observations | 533 | 533 | 526 | 526 |
| Adj. R2 | 0.104 | 0.290 | 0.484 | 0.508 |
| (1) | (2) | (3) | (4) | |
|---|---|---|---|---|
| Spread | Spread | Spread | Spread | |
| CDT | −0.227*** | −0.207*** | −0.306*** | −0.283*** |
| (−7.77) | (−5.94) | (−6.99) | (−6.97) | |
| Leverage | 1.460*** | −0.058 | ||
| (5.79) | (−0.13) | |||
| Size | −0.208*** | −0.086** | ||
| (−7.36) | (−2.49) | |||
| Turnover | 0.007 | −0.003 | ||
| (0.48) | (−0.15) | |||
| ROE | −2.229 | −0.163 | ||
| (−0.90) | (−0.09) | |||
| SOE | −0.235*** | −0.026 | ||
| (−2.77) | (−0.29) | |||
| Redeemable | 0.058 | 0.079 | ||
| (0.62) | (0.95) | |||
| Rating | −0.110** | −0.092** | ||
| (−2.46) | (−2.14) | |||
| Amount | 0.010** | −0.004 | ||
| (2.08) | (−0.62) | |||
| Maturity | 0.021 | −0.027 | ||
| (0.84) | (−1.27) | |||
| GDP | 0.021* | −0.030 | ||
| (1.71) | (−1.60) | |||
| Constant | 1.390*** | 6.181*** | 1.563*** | 4.347*** |
| (16.42) | (9.74) | (14.11) | (5.08) | |
| Industry | NO | NO | YES | YES |
| Year | NO | NO | YES | YES |
| Observations | 533 | 533 | 526 | 526 |
| Adj. | 0.104 | 0.290 | 0.484 | 0.508 |
Note(s): This table presents the impact of CDT on Spread. Definitions of variables are detailed in Table 2. Firm-clustered robust t-values are provided in parentheses. The inclusion of industry and year fixed effects is reported at the bottom of the table. *, **, and *** denote significance levels at 10%, 5%, and 1%, respectively (two-tailed tests)
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