Robustness tests
| Variables | (1) | (2) | (3) | (4) | (5) | (6) | (7) |
|---|---|---|---|---|---|---|---|
| GTrans | GTrans | GTrans | GTrans | GTrans | GTrans | GTrans | |
| ClimateRisk | 0.229*** (22.28) | 0.882*** (14.63) | 0.226*** (9.10) | 0.242*** (14.33) | 0.234*** (14.45) | 0.295*** (10.01) | |
| ClimateRisk² | −0.334*** (−22.05) | −1.311*** (−15.43) | −0.345*** (−9.12) | −0.356*** (−14.61) | −0.341*** (−15.06) | −0.608*** (−5.79) | |
| ClimateRisk3 | 0.290*** (2.83) | ||||||
| L.ClimateRisk | 0.169*** (9.96) | ||||||
| L.ClimateRisk² | −0.254*** (−10.31) | ||||||
| Controls | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Constant | −0.171* (−1.93) | −0.065** (−2.50) | −0.050** (−2.04) | −0.063** (−2.58) | −0.083*** (−3.25) | −0.063*** (−2.68) | |
| Firm FE | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Year FE | Yes | Yes | No | Yes | Yes | Yes | Yes |
| Year*Ind*City | No | No | Yes | No | No | No | No |
| U-test (t value) | 14.44 | 8.35 | 13.39 | 14.03 | 9.46 | ||
| Observations | 43,309 | 43,309 | 26,554 | 26,653 | 43,309 | 37,808 | 43,309 |
| Adj. R-squared | 0.592 | 0.487 | 0.533 | 0.534 | 0.548 | 0.587 |
| Variables | (1) | (2) | (3) | (4) | (5) | (6) | (7) |
|---|---|---|---|---|---|---|---|
| GTrans | GTrans | GTrans | GTrans | GTrans | GTrans | GTrans | |
| ClimateRisk | 0.229 | 0.882 | 0.226 | 0.242 | 0.234 | 0.295 | |
| ClimateRisk² | −0.334 | −1.311 | −0.345 | −0.356 | −0.341 | −0.608 | |
| ClimateRisk3 | 0.290 | ||||||
| L.ClimateRisk | 0.169 | ||||||
| L.ClimateRisk² | −0.254 | ||||||
| Controls | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Constant | −0.171 | −0.065 | −0.050 | −0.063 | −0.083 | −0.063 | |
| Firm | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Year | Yes | Yes | No | Yes | Yes | Yes | Yes |
| Year*Ind*City | No | No | Yes | No | No | No | No |
| U-test ( | 14.44 | 8.35 | 13.39 | 14.03 | 9.46 | ||
| Observations | 43,309 | 43,309 | 26,554 | 26,653 | 43,309 | 37,808 | 43,309 |
| Adj. | 0.592 | 0.487 | 0.533 | 0.534 | 0.548 | 0.587 |
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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