Mechanism tests Step2
| Variables | Promoting effects | Inhibiting effects | ||||
|---|---|---|---|---|---|---|
| GTrans | GTrans | GTrans | GTrans | GTrans | GTrans | |
| ClimateRisk | 0.115*** (10.55) | 0.121*** (11.11) | 0.121*** (11.28) | −0.072*** (−4.71) | −0.073*** (−4.79) | −0.066*** (−4.40) |
| SCUP | 0.057*** (8.62) | 0.022 (0.91) | ||||
| COMP | 0.020*** (3.92) | −0.011 (−0.49) | ||||
| P_CAP | 0.468*** (19.12) | 0.563*** (6.37) | ||||
| Controls | Yes | Yes | Yes | Yes | Yes | Yes |
| Constant | −0.100*** (−3.94) | −0.080*** (−3.20) | 0.008 (0.34) | 0.098 (0.83) | 0.132 (1.13) | 0.152 (1.41) |
| 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 | 0.586 | 0.584 | 0.598 | 0.698 | 0.698 | 0.710 |
| Variables | Promoting effects | Inhibiting effects | ||||
|---|---|---|---|---|---|---|
| GTrans | GTrans | GTrans | GTrans | GTrans | GTrans | |
| ClimateRisk | 0.115 | 0.121 | 0.121 | −0.072 | −0.073 | −0.066 |
| 0.057 | 0.022 (0.91) | |||||
| 0.020 | −0.011 (−0.49) | |||||
| P_CAP | 0.468 | 0.563 | ||||
| Controls | Yes | Yes | Yes | Yes | Yes | Yes |
| Constant | −0.100 | −0.080 | 0.008 (0.34) | 0.098 (0.83) | 0.132 (1.13) | 0.152 (1.41) |
| 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 |
| 0.586 | 0.584 | 0.598 | 0.698 | 0.698 | 0.710 | |
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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