Table 3

The green innovation and firm misvaluation for overall misvaluation (ESIFull), overvalued firms (ESIOver), and undervalued firms (ESIUnder)

Variables(1)(2)(3)
ESIFull
MSV		ESIOver
MSV		ESIUnder
MSV
MSVt-10.226***0.377***0.107***
(9.727)(7.945)(4.030)
GreenInv t-10.003***0.007***0.002**
(3.369)(3.822)(2.003)
Size0.104*0.723***−0.025
(1.928)(4.657)(−0.442)
Lev0.604***2.371***0.033
(2.806)(5.655)(0.133)
Growth−0.476***−0.901***−0.309***
(−5.044)(−4.331)(−2.997)
ROA−0.024***−0.026***−0.027***
(−7.393)(−4.390)(−6.766)
CapEx1.0921.6311.598**
(1.588)(1.164)(2.091)
Div0.295***1.286***0.139
(3.371)(5.337)(1.541)
Constant−0.684−8.179***0.908
(−1.267)(−5.216)(1.632)
Obs2,0755141,561
Adj. R20.6050.7730.149
F-statistic20.938***40.644***3.243***
Hausman0.000(FE)0.000(FE)0.000(FE)
Chow test (p-value) χ2 = 6.08** (0.014)

Note(s): t-values based on robust standard errors clustered at the firm level are reported in parentheses. ***, **, and * denote statistical significance at the 1%, 5%, and 10% levels, respectively

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