Moderating effect tests
| Variables | (1) | (2) |
|---|---|---|
| GTrans | GTrans | |
| ClimateRisk | 0.209*** (11.77) | 0.319*** (19.17) |
| ClimateRisk² | −0.316*** (−12.59) | −0.447*** (−18.59) |
| ClimateRisk × digital | 1.164** (2.00) | |
| ClimateRisk² × digital | −1.136 (−1.17) | |
| Digital | −0.086 (−1.38) | |
| ClimateRisk × KZ | −0.054*** (−14.03) | |
| ClimateRisk² × KZ | 0.069*** (10.68) | |
| KZ | −0.001** (−2.43) | |
| Controls | Yes | Yes |
| Constant | −0.053** (−2.26) | −0.016 (−0.68) |
| Firm FE | Yes | Yes |
| Year FE | Yes | Yes |
| Observations | 43,309 | 43,309 |
| Adj. R-squared | 0.533 | 0.550 |
| Variables | (1) | (2) |
|---|---|---|
| GTrans | GTrans | |
| ClimateRisk | 0.209 | 0.319 |
| ClimateRisk² | −0.316 | −0.447 |
| ClimateRisk × digital | 1.164 | |
| ClimateRisk² × digital | −1.136 (−1.17) | |
| Digital | −0.086 (−1.38) | |
| ClimateRisk × KZ | −0.054 | |
| ClimateRisk² × | 0.069 | |
| −0.001 | ||
| Controls | Yes | Yes |
| Constant | −0.053 | −0.016 (−0.68) |
| Firm | Yes | Yes |
| Year | Yes | Yes |
| Observations | 43,309 | 43,309 |
| Adj. | 0.533 | 0.550 |
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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