Table 8 Moderation tests (1) (2) (3) (4)...

Table 8

Moderation tests

	(1)	(2)	(3)	(4)
Variables	PEG	MPEG	PEG	MPEG
Panel A: Green innovation and the cost of equity: Moderating effect of financial constraints
GP	−0.022*	−0.024*	–	–
	[−1.73]	[−1.75]
FC	0.012***	0.012***	0.012***	0.012***
	[4.14]	[4.30]	[4.10]	[4.26]
GP*FC	0.030**	0.030**	–	–
	[2.04]	[2.03]
GPR	–	–	−0.014**	−0.015**
			[−2.02]	[−2.05]
GPR*FC	–	–	0.041***	0.051***
			[2.60]	[2.61]
Other control variables	Yes	Yes	Yes	Yes
Constant	0.106***	0.076***	0.106***	0.076***
	[6.76]	[4.85]	[6.76]	[4.84]
Industry	Yes	Yes	Yes	Yes
Year	Yes	Yes	Yes	Yes
Observations	10,641	10,526	10,641	10,526
Adjusted R²	0.15	0.14	0.15	0.14
Panel B: Green innovation and the cost of equity: Moderating effects of EPU
GP	−0.030*	−0.040**	–	–
	[−1.68]	[−2.07]
EPU	0.005	0.004	0.006	0.007
	[0.87]	[0.85]	[0.23]	[0.91]
GP*EPU	−0.022*	−0.020*	–	–
	[−1.76]	[−1.73]
GPR	–	–	−0.012*	−0.013*
			[−1.85]	[−1.87]
GPR*EPU	–	–	−0.040*	−0.041*
			[−1.76]	[−1.71]
Other control variables	Yes	Yes	Yes	Yes
Constant	0.417***	0.376***	0.417***	0.377***
	[11.61]	[9.33]	[11.62]	[9.35]
Industry	Yes	Yes	Yes	Yes
Year	Yes	Yes	Yes	Yes
Observations	10,641	10,641	10,641	10,641
Adjusted R²	0.13	0.13	0.13	0.13
Panel C: Green innovation and the cost of equity: Moderating effect of IC
GP	−0.040*	−0.040**	–	–
	[−1.96]	[−2.28]
IC	−0.003**	−0.003**	−0.003**	−0.003**
	[−2.03]	[−204]	[−2.29]	[−2.24]
GP*IC	−0.021*	−0.020*	–	–
	[−1.79]	[−1.78]
GPR	–	–	−0.038*	−0.034**
			[−1.79]	[−2.07]
GPR*IC	–	–	−0.012*	−0.012*
			[−1.84]	[−1.72]
Other control variables	Yes	Yes	Yes	Yes
Constant	0.405***	0.375***	0.406***	0.376***
	[10.09]	[9.30]	[10.11]	[9.32]
Industry	Yes	Yes	Yes	Yes
Year	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	MPEG	PEG	MPEG
Panel A: Green innovation and the cost of equity: Moderating effect of financial constraints
GP	−0.022*	−0.024*	–	–
	[−1.73]	[−1.75]
FC	0.012***	0.012***	0.012***	0.012***
	[4.14]	[4.30]	[4.10]	[4.26]
GP*FC	0.030**	0.030**	–	–
	[2.04]	[2.03]
GPR	–	–	−0.014**	−0.015**
			[−2.02]	[−2.05]
GPR*FC	–	–	0.041***	0.051***
			[2.60]	[2.61]
Other control variables	Yes	Yes	Yes	Yes
Constant	0.106***	0.076***	0.106***	0.076***
	[6.76]	[4.85]	[6.76]	[4.84]
Industry	Yes	Yes	Yes	Yes
Year	Yes	Yes	Yes	Yes
Observations	10,641	10,526	10,641	10,526
Adjusted R²	0.15	0.14	0.15	0.14
Panel B: Green innovation and the cost of equity: Moderating effects of EPU
GP	−0.030*	−0.040**	–	–
	[−1.68]	[−2.07]
EPU	0.005	0.004	0.006	0.007
	[0.87]	[0.85]	[0.23]	[0.91]
GP*EPU	−0.022*	−0.020*	–	–
	[−1.76]	[−1.73]
GPR	–	–	−0.012*	−0.013*
			[−1.85]	[−1.87]
GPR*EPU	–	–	−0.040*	−0.041*
			[−1.76]	[−1.71]
Other control variables	Yes	Yes	Yes	Yes
Constant	0.417***	0.376***	0.417***	0.377***
	[11.61]	[9.33]	[11.62]	[9.35]
Industry	Yes	Yes	Yes	Yes
Year	Yes	Yes	Yes	Yes
Observations	10,641	10,641	10,641	10,641
Adjusted R²	0.13	0.13	0.13	0.13
Panel C: Green innovation and the cost of equity: Moderating effect of IC
GP	−0.040*	−0.040**	–	–
	[−1.96]	[−2.28]
IC	−0.003**	−0.003**	−0.003**	−0.003**
	[−2.03]	[−204]	[−2.29]	[−2.24]
GP*IC	−0.021*	−0.020*	–	–
	[−1.79]	[−1.78]
GPR	–	–	−0.038*	−0.034**
			[−1.79]	[−2.07]
GPR*IC	–	–	−0.012*	−0.012*
			[−1.84]	[−1.72]
Other control variables	Yes	Yes	Yes	Yes
Constant	0.405***	0.375***	0.406***	0.376***
	[10.09]	[9.30]	[10.11]	[9.32]
Industry	Yes	Yes	Yes	Yes
Year	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 moderating effect of financial constraint (Panel A), EPU (Panel B), and internal control environment (Panel C) on 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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