Table 6

Green innovation and the cost of equity: Baseline regression

(1)(2)(3)(4)
VariablesPEGPEGMPEGMPEG
GP−0.051***–−0.051***–
 [−3.11] [−3.43] 
GPR–−0.045***–−0.046***
  [−2.68] [−2.98]
SIZE−0.014***−0.014***−0.015***−0.015***
 [−9.18][−6.41][−9.25][−6.43]
TOBIN_Q−0.004***−0.004***−0.004***−0.004***
 [−6.50][−6.80][−6.32][−6.57]
DEBT0.051***0.051***0.052***0.052***
 [8.23][6.49][8.30][6.52]
ROA−0.101***−0.101***−0.103***−0.103***
 [−7.53][−3.84][−7.69][−3.86]
AGE0.015***0.015***0.015***0.015***
 [5.40][5.08][5.36][5.05]
REST−0.001−0.001−0.001−0.001
 [−0.62][−0.60][−0.61][−0.59]
DAC0.0020.0020.0020.002
 [0.58][0.64][0.56][0.62]
CSRR0.0000.000−0.000−0.000
 [0.03][0.07][−0.13][−0.07]
SOE−0.014***−0.014**−0.013***−0.013*
 [−3.00][−2.02][−2.77][−1.85]
TOP10−0.016*−0.016−0.015−0.015
 [−1.69][−1.29][−1.59][−1.21]
IOWN−0.018***−0.018***−0.018***−0.018***
 [−4.56][−4.30][−4.54][−4.26]
BSIZE−0.004−0.004−0.004−0.004
 [−0.66][−0.55][−0.56][−0.48]
BIND0.0260.0260.0230.023
 [1.39][1.21][1.25][1.08]
DUAL−0.001−0.001−0.000−0.000
 [−0.27][−0.24][−0.12][−0.10]
Constant0.416***0.417***0.390***0.391***
 [11.59][8.35][10.80][7.75]
IndustryNoNoNoNo
YearYesYesYesYes
FirmYesYesYesYes
Observations10,64110,64110,64110,641
Adjusted R20.130.130.130.13

Note(s): This table reports the results of the relationship between green innovation and the cost of equity. Robust t-statistics (clustered at the firm level) are reported in brackets. *, **, *** denote a two-tailed p value of less than 0.10, 0.05, and 0.01, respectively. All variables are defined in Table 2. This table is prepared by the authors

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