Table 4 Effects of green innovation on...

Table 4

Effects of green innovation on firm misvaluation for BB and BC firms in ESI_Full, ESI_Over, and ESI_Under

Variables	(1)	(2)	(3)	(4)	(5)	(6)
	BB				BC
	ESI_Full MSV	ESI_Over MSV	ESI_Under MSV	ESI_Full MSV	ESI_Over MSV	ESI_Under MSV
MSV_t-1	0.150***	0.735***	0.095**	0.258***	0.326***	0.112***
MSV_t-1	(3.771)	(7.331)	(2.201)	(9.032)	(6.229)	(3.308)
GreenInv_t-1	0.002*	0.005*	0.001	0.003***	0.006***	0.002*
GreenInv_t-1	(1.709)	(1.866)	(0.863)	(2.654)	(2.902)	(1.749)
Size	0.012	−0.326	−0.022	0.187**	0.874***	−0.016
Size	(0.155)	(−1.582)	(−0.273)	(2.359)	(4.478)	(−0.197)
Lev	−0.111	−1.005	0.296	0.940***	3.040***	−0.171
Lev	(−0.299)	(−1.449)	(0.693)	(3.546)	(6.147)	(−0.577)
Growth	−0.268	−0.319	−0.253	−0.576***	−1.100***	−0.349***
Growth	(−1.472)	(−1.229)	(−1.207)	(−5.253)	(−4.406)	(−3.100)
ROA	−0.023***	−0.035***	−0.024***	−0.025***	−0.026***	−0.030***
ROA	(−3.642)	(−2.854)	(−3.320)	(−6.479)	(−3.982)	(−6.411)
CapEx	2.201**	−1.877	3.322***	0.485	3.251*	0.098
CapEx	(1.996)	(−1.223)	(2.598)	(0.547)	(1.825)	(0.104)
Div	0.102	−0.478	0.159	0.347***	1.492***	0.121
Div	(0.604)	(−1.152)	(0.874)	(3.417)	(5.497)	(1.233)
Constant	0.627	4.644**	0.607	−1.678**	−10.170***	1.067
Constant	(0.823)	(2.049)	(0.749)	(−2.128)	(−5.264)	(1.338)
Observations	742	104	638	1,333	410	923
AdjR²	0.245	0.647	0.120	0.690	0.786	0.176
F-statistic	4.945***	14.501***	2.606***	29.223***	41.569***	3.635***
Hausman	0.000(FE)	0.000(FE)	0.000(FE)	0.000(FE)	0.000(FE)	0.000(FE)
Chow test (BB and BC)				7.046*** (0.008)	8.419*** (0.004)	3.057* (0.080)
Chow test (ESI_Over and ESI_Under)	5.05** (0.025)			7.38*** (0.007)

Variables	(1)	(2)	(3)	(4)	(5)	(6)
	BB				BC
	ESI_FullMSV	ESI_OverMSV	ESI_UnderMSV	ESI_FullMSV	ESI_OverMSV	ESI_UnderMSV
MSV_t-1	0.150***	0.735***	0.095**	0.258***	0.326***	0.112***
MSV_t-1	(3.771)	(7.331)	(2.201)	(9.032)	(6.229)	(3.308)
GreenInv_t-1	0.002*	0.005*	0.001	0.003***	0.006***	0.002*
GreenInv_t-1	(1.709)	(1.866)	(0.863)	(2.654)	(2.902)	(1.749)
Size	0.012	−0.326	−0.022	0.187**	0.874***	−0.016
Size	(0.155)	(−1.582)	(−0.273)	(2.359)	(4.478)	(−0.197)
Lev	−0.111	−1.005	0.296	0.940***	3.040***	−0.171
Lev	(−0.299)	(−1.449)	(0.693)	(3.546)	(6.147)	(−0.577)
Growth	−0.268	−0.319	−0.253	−0.576***	−1.100***	−0.349***
Growth	(−1.472)	(−1.229)	(−1.207)	(−5.253)	(−4.406)	(−3.100)
ROA	−0.023***	−0.035***	−0.024***	−0.025***	−0.026***	−0.030***
ROA	(−3.642)	(−2.854)	(−3.320)	(−6.479)	(−3.982)	(−6.411)
CapEx	2.201**	−1.877	3.322***	0.485	3.251*	0.098
CapEx	(1.996)	(−1.223)	(2.598)	(0.547)	(1.825)	(0.104)
Div	0.102	−0.478	0.159	0.347***	1.492***	0.121
Div	(0.604)	(−1.152)	(0.874)	(3.417)	(5.497)	(1.233)
Constant	0.627	4.644**	0.607	−1.678**	−10.170***	1.067
Constant	(0.823)	(2.049)	(0.749)	(−2.128)	(−5.264)	(1.338)
Observations	742	104	638	1,333	410	923
AdjR²	0.245	0.647	0.120	0.690	0.786	0.176
F-statistic	4.945***	14.501***	2.606***	29.223***	41.569***	3.635***
Hausman	0.000(FE)	0.000(FE)	0.000(FE)	0.000(FE)	0.000(FE)	0.000(FE)
Chow test (BB and BC)				7.046*** (0.008)	8.419*** (0.004)	3.057* (0.080)
Chow test (ESI_Over and ESI_Under)	5.05** (0.025)			7.38*** (0.007)

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

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