Mechanism tests Step1
| Variables | Promoting effects | Inhibiting effects | ||||
|---|---|---|---|---|---|---|
| SCUP | COMP | P_CAP | SCUP | COMP | P_CAP | |
| ClimateRisk | 0.125*** (8.17) | 0.036** (2.06) | 0.002 (0.49) | −0.031* (−1.74) | −0.009 (−0.41) | −0.012** (−2.15) |
| Controls | Yes | Yes | Yes | Yes | Yes | Yes |
| Constant | 0.693*** (17.08) | 0.985*** (19.69) | −0.146*** (−14.60) | 1.113*** (7.93) | 0.869*** (3.18) | −0.053 (−1.17) |
| Firm FE | Yes | Yes | Yes | Yes | Yes | Yes |
| Year FE | Yes | Yes | Yes | Yes | Yes | Yes |
| Observations | 39,897 | 39,897 | 39,897 | 3,175 | 3,175 | 3,175 |
| R-squared | 0.715 | 0.754 | 0.385 | 0.829 | 0.893 | 0.497 |
| Variables | Promoting effects | Inhibiting effects | ||||
|---|---|---|---|---|---|---|
| P_CAP | P_CAP | |||||
| ClimateRisk | 0.125 | 0.036 | 0.002 (0.49) | −0.031 | −0.009 (−0.41) | −0.012 |
| Controls | Yes | Yes | Yes | Yes | Yes | Yes |
| Constant | 0.693 | 0.985 | −0.146 | 1.113 | 0.869 | −0.053 (−1.17) |
| Firm | Yes | Yes | Yes | Yes | Yes | Yes |
| Year | Yes | Yes | Yes | Yes | Yes | Yes |
| Observations | 39,897 | 39,897 | 39,897 | 3,175 | 3,175 | 3,175 |
| 0.715 | 0.754 | 0.385 | 0.829 | 0.893 | 0.497 | |
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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