Table 6 Green innovation and the cost of...

Table 6

Green innovation and the cost of equity: Baseline regression

	(1)	(2)	(3)	(4)
Variables	PEG	PEG	MPEG	MPEG
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]
DEBT	0.051***	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]
AGE	0.015***	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]
DAC	0.002	0.002	0.002	0.002
	[0.58]	[0.64]	[0.56]	[0.62]
CSRR	0.000	0.000	−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]
BIND	0.026	0.026	0.023	0.023
	[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]
Constant	0.416***	0.417***	0.390***	0.391***
	[11.59]	[8.35]	[10.80]	[7.75]
Industry	No	No	No	No
Year	Yes	Yes	Yes	Yes
Firm	Yes	Yes	Yes	Yes
Observations	10,641	10,641	10,641	10,641
Adjusted R²	0.13	0.13	0.13	0.13

	(1)	(2)	(3)	(4)
Variables	PEG	PEG	MPEG	MPEG
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]
DEBT	0.051***	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]
AGE	0.015***	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]
DAC	0.002	0.002	0.002	0.002
	[0.58]	[0.64]	[0.56]	[0.62]
CSRR	0.000	0.000	−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]
BIND	0.026	0.026	0.023	0.023
	[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]
Constant	0.416***	0.417***	0.390***	0.391***
	[11.59]	[8.35]	[10.80]	[7.75]
Industry	No	No	No	No
Year	Yes	Yes	Yes	Yes
Firm	Yes	Yes	Yes	Yes
Observations	10,641	10,641	10,641	10,641
Adjusted R²	0.13	0.13	0.13	0.13

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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