Table 6 Channel analysis (1) (2) (3) (4)...

Table 6

Channel analysis

	(1)	(2)	(3)	(4)
	Envir	Spread	Internal	Spread
CDT	0.175***	−0.281***	0.020***	−0.275***
CDT	(3.66)	(−4.82)	(3.28)	(−4.48)
Leverage	−0.313	−0.155	−0.319***	−0.716
Leverage	(−0.66)	(−0.30)	(−4.11)	(−1.28)
Size	0.124***	−0.077**	0.004	−0.104***
Size	(4.27)	(−2.06)	(0.98)	(−2.95)
Turnover	−0.016	−0.005	−0.000	−0.007
Turnover	(−1.20)	(−0.25)	(−0.16)	(−0.32)
ROE	7.522***	0.147	1.845***	1.524
ROE	(4.34)	(0.08)	(10.03)	(0.81)
SOE	−0.144**	−0.012	0.019	0.002
SOE	(−2.07)	(−0.12)	(1.31)	(0.02)
Redeemable	−0.203**	0.059	−0.009	0.022
Redeemable	(−2.32)	(0.65)	(−0.91)	(0.24)
Rating	0.049***	−0.076*	0.005	−0.027
Rating	(2.67)	(−1.69)	(1.25)	(−0.76)
Amount	−0.014***	−0.005	0.003**	0.002
Amount	(−2.72)	(−0.72)	(2.37)	(0.27)
Maturity	−0.049**	−0.040*	0.019***	0.009
Maturity	(−2.13)	(−1.65)	(5.67)	(0.37)
GDP	0.019	−0.028	−0.003	−0.039*
GDP	(1.54)	(−1.33)	(−1.39)	(−1.87)
Envir		−0.128**
Envir		(−2.32)
Internal				−1.068**
Internal				(−2.54)
Constant	−1.166*	4.445***	6.466***	11.944***
Constant	(−1.75)	(4.59)	(61.92)	(3.83)
Industry	YES	YES	YES	YES
Year	YES	YES	YES	YES
Observations	480	480	450	450
Adj. R²	0.467	0.501	0.459	0.554

	(1)	(2)	(3)	(4)
	Envir	Spread	Internal	Spread
CDT	0.175***	−0.281***	0.020***	−0.275***
CDT	(3.66)	(−4.82)	(3.28)	(−4.48)
Leverage	−0.313	−0.155	−0.319***	−0.716
Leverage	(−0.66)	(−0.30)	(−4.11)	(−1.28)
Size	0.124***	−0.077**	0.004	−0.104***
Size	(4.27)	(−2.06)	(0.98)	(−2.95)
Turnover	−0.016	−0.005	−0.000	−0.007
Turnover	(−1.20)	(−0.25)	(−0.16)	(−0.32)
ROE	7.522***	0.147	1.845***	1.524
ROE	(4.34)	(0.08)	(10.03)	(0.81)
SOE	−0.144**	−0.012	0.019	0.002
SOE	(−2.07)	(−0.12)	(1.31)	(0.02)
Redeemable	−0.203**	0.059	−0.009	0.022
Redeemable	(−2.32)	(0.65)	(−0.91)	(0.24)
Rating	0.049***	−0.076*	0.005	−0.027
Rating	(2.67)	(−1.69)	(1.25)	(−0.76)
Amount	−0.014***	−0.005	0.003**	0.002
Amount	(−2.72)	(−0.72)	(2.37)	(0.27)
Maturity	−0.049**	−0.040*	0.019***	0.009
Maturity	(−2.13)	(−1.65)	(5.67)	(0.37)
GDP	0.019	−0.028	−0.003	−0.039*
GDP	(1.54)	(−1.33)	(−1.39)	(−1.87)
Envir		−0.128**
Envir		(−2.32)
Internal				−1.068**
Internal				(−2.54)
Constant	−1.166*	4.445***	6.466***	11.944***
Constant	(−1.75)	(4.59)	(61.92)	(3.83)
Industry	YES	YES	YES	YES
Year	YES	YES	YES	YES
Observations	480	480	450	450
Adj. R²	0.467	0.501	0.459	0.554

Note(s): This table reports the channel analysis of the relationship between CDT and green bond financing costs. Columns (1) and (2) examine the information transparency channel through environmental information disclosure quality (Envir), while Columns (3) and (4) examine the governance and agency channel through internal control quality (Internal). Industry and year fixed effects are controlled in all regressions. Robust t-values are reported in parentheses. *, **, and *** denote significance at the 10%, 5%, and 1% levels, respectively

Source(s): Author’s own work

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