Table 5 The two-stage least squares...

Table 5

The two-stage least squares estimation

Variables	(1)	(2)	(3)	(4)	(5)	(6)
	ESI_Full		ESI_Over		ESI_Under
	Stage 1 GreenInv	Stage 2 MSV	Stage 1 GreenInv	Stage 2 MSV	Stage 1 GreenInv	Stage 2 MSV
Policy_Emission _t-1	10.192***		6.071*		11.700***
Policy_Emission _t-1	(5.825)		(1.695)		(5.749)
MSV_t-1		0.211***		0.379***		0.102***
MSV_t-1		(9.102)		(7.992)		(3.823)
GreenInv_t-1		0.021***		0.029***		0.012***
GreenInv_t-1		(6.846)		(3.858)		(3.991)
Size	5.191***	−0.039	3.947	0.437**	5.048***	−0.097
Size	(3.504)	(−0.667)	(0.869)	(2.457)	(3.141)	(−1.634)
Lev	17.864***	0.479**	−8.540	2.543***	30.258***	−0.129
Lev	(3.041)	(2.238)	(−0.808)	(5.986)	(4.188)	(−0.515)
Growth	−2.509	−0.427***	0.922	−0.806***	−4.933	−0.276***
Growth	(−0.874)	(−4.540)	(0.159)	(−3.831)	(−1.464)	(−2.577)
ROA	15.431*	−0.026***	8.570	−0.029***	25.437**	−0.029***
ROA	(1.750)	(−8.113)	(0.595)	(−4.868)	(2.232)	(−7.230)
CapEx	−18.414	2.263***	41.781	1.464	−36.904	2.493***
CapEx	(−0.959)	(3.200)	(1.097)	(1.044)	(−1.640)	(3.109)
Div	−3.745	0.361***	−25.719***	1.802***	0.207	0.140
Div	(−1.583)	(4.125)	(−3.972)	(6.122)	(0.080)	(1.562)
Constant	−8.797	−0.360	41.723	−7.327***	−19.871	1.095**
Constant	(−0.591)	(−0.670)	(0.898)	(−4.627)	(−1.237)	(1.968)
Observations	2,075	2,075	514	514	1,561	1,561
AdjR²	0.590	0.612	0.577	0.773	0.596	0.156
F-statistic	17.984***	21.546***	12.482***	40.674***	17.571***	3.367***
Hausman	0.000(FE)	0.000(FE)	0.000(FE)	0.000(FE)	0.000(FE)	0.000(FE)
Chow test (p-value)				χ² = 6.41** (0.011)

Variables	(1)	(2)	(3)	(4)	(5)	(6)
	ESI_Full		ESI_Over		ESI_Under
	Stage 1GreenInv	Stage 2MSV	Stage 1GreenInv	Stage 2MSV	Stage 1GreenInv	Stage 2MSV
Policy_Emission _t-1	10.192***		6.071*		11.700***
Policy_Emission _t-1	(5.825)		(1.695)		(5.749)
MSV_t-1		0.211***		0.379***		0.102***
MSV_t-1		(9.102)		(7.992)		(3.823)
GreenInv_t-1		0.021***		0.029***		0.012***
GreenInv_t-1		(6.846)		(3.858)		(3.991)
Size	5.191***	−0.039	3.947	0.437**	5.048***	−0.097
Size	(3.504)	(−0.667)	(0.869)	(2.457)	(3.141)	(−1.634)
Lev	17.864***	0.479**	−8.540	2.543***	30.258***	−0.129
Lev	(3.041)	(2.238)	(−0.808)	(5.986)	(4.188)	(−0.515)
Growth	−2.509	−0.427***	0.922	−0.806***	−4.933	−0.276***
Growth	(−0.874)	(−4.540)	(0.159)	(−3.831)	(−1.464)	(−2.577)
ROA	15.431*	−0.026***	8.570	−0.029***	25.437**	−0.029***
ROA	(1.750)	(−8.113)	(0.595)	(−4.868)	(2.232)	(−7.230)
CapEx	−18.414	2.263***	41.781	1.464	−36.904	2.493***
CapEx	(−0.959)	(3.200)	(1.097)	(1.044)	(−1.640)	(3.109)
Div	−3.745	0.361***	−25.719***	1.802***	0.207	0.140
Div	(−1.583)	(4.125)	(−3.972)	(6.122)	(0.080)	(1.562)
Constant	−8.797	−0.360	41.723	−7.327***	−19.871	1.095**
Constant	(−0.591)	(−0.670)	(0.898)	(−4.627)	(−1.237)	(1.968)
Observations	2,075	2,075	514	514	1,561	1,561
AdjR²	0.590	0.612	0.577	0.773	0.596	0.156
F-statistic	17.984***	21.546***	12.482***	40.674***	17.571***	3.367***
Hausman	0.000(FE)	0.000(FE)	0.000(FE)	0.000(FE)	0.000(FE)	0.000(FE)
Chow test (p-value)				χ² = 6.41** (0.011)

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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