Baseline regression
| Variables | (1) | (2) | (3) | (4) |
|---|---|---|---|---|
| GTrans | GTrans | GTrans | GTrans | |
| ClimateRisk | 0.038*** (5.36) | 0.034*** (4.75) | 0.237*** (14.998) | 0.229*** (14.51) |
| ClimateRisk² | −0.341*** (−15.285) | −0.334*** (−15.01) | ||
| size | 0.004*** (3.47) | 0.003*** (3.09) | ||
| lev | 0.002 (0.42) | 0.003 (0.74) | ||
| roa | 0.037*** (5.28) | 0.038*** (5.53) | ||
| lnage | 0.005*** (4.13) | 0.005*** (3.65) | ||
| top1 | −0.002 (−0.24) | −0.003 (−0.48) | ||
| soe | 0.005* (1.68) | 0.005* (1.71) | ||
| fixasset | 0.005 (0.924) | 0.004 (0.74) | ||
| Constant | 0.044*** (39.41) | −0.055** (−2.32) | 0.026*** (15.356) | −0.060*** (−2.58) |
| Firm FE | Yes | Yes | Yes | Yes |
| Year FE | Yes | Yes | Yes | Yes |
| U-test (t value) | 14.00 | 13.87 | ||
| Observations | 43,309 | 43,309 | 43,309 | 43,309 |
| Adj. R-squared | 0.575 | 0.576 | 0.579 | 0.580 |
| Variables | (1) | (2) | (3) | (4) |
|---|---|---|---|---|
| GTrans | GTrans | GTrans | GTrans | |
| ClimateRisk | 0.038 | 0.034 | 0.237 | 0.229 |
| ClimateRisk² | −0.341 | −0.334 | ||
| size | 0.004 | 0.003 | ||
| lev | 0.002 (0.42) | 0.003 (0.74) | ||
| roa | 0.037 | 0.038 | ||
| lnage | 0.005 | 0.005 | ||
| top1 | −0.002 (−0.24) | −0.003 (−0.48) | ||
| soe | 0.005 | 0.005 | ||
| fixasset | 0.005 (0.924) | 0.004 (0.74) | ||
| Constant | 0.044 | −0.055 | 0.026 | −0.060 |
| Firm | Yes | Yes | Yes | Yes |
| Year | Yes | Yes | Yes | Yes |
| 14.00 | 13.87 | |||
| Observations | 43,309 | 43,309 | 43,309 | 43,309 |
| Adj. | 0.575 | 0.576 | 0.579 | 0.580 |
Firm-clustered robust t-statistics are reported in parentheses. ***, ** and * indicate statistical significance at the 1, 5 and 10% levels, respectively
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