Robustness testing: alternative indicator and estimation methods
| Intensive | Extensive | Sharemode | Greenmode | trouble | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Variables | (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) | (9) | (10) |
| Idiff | 0.016 (0.018) | – | −0.090*** (0.021) | – | 0.688** (0.271) | – | 0.009 (0.063) | – | 0.343*** (0.112) | – |
| Idifff×bar | −0.046 (0.035) | – | (0.047) | – | −1.112*** (0.417) | – | −0.006 (0.122) | – | −0.477** (0.219) | – |
| Cdiff | – | 0.005 (0.009) | – | −0.039*** (0.010) | – | (0.163) | – | −0.279*** (0.081) | – | 0.257** (0.113) |
| Cdifff×bar | – | −0.029 (0.068) | – | −0.191 (0.118) | – | −0.496 (0.528) | – | −0.078 (0.200) | – | 0.056 (0.213) |
| bar | −0.110 (0.061) | −0.065 (0.075) | 0.249*** (0.077) | 0.154 (0.099) | −1.187 (0.760) | 0.043 (1.071) | 0.320 (0.252) | 0.277 (0.379) | −0.186 (0.397) | 0.357 (0.614) |
| Constant term | 5.925*** (0.261) | 6.127*** (0.350) | 1.189*** (0.243) | 1.368*** (0.352) | −8.797** (2.702) | −4.968 (3.827) | −3.820*** (1.059) | −7.341*** (1.764) | −1.698 (1.275) | −2.497 (1.615) |
| Control variable | Y | Y | Y | Y | Y | Y | Y | Y | Y | Y |
| Industry fixed effect | Y | Y | Y | Y | Y | Y | Y | Y | Y | Y |
| Time fixed effect | Y | Y | Y | Y | Y | Y | Y | Y | Y | Y |
| Sample size | 2,440 | 1,806 | 2,440 | 1,806 | 709 | 593 | 2,391 | 1,775 | 2,391 | 1,753 |
| Intensive | Extensive | Sharemode | Greenmode | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Variables | (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) | (9) | (10) |
| 0.016 (0.018) | – | −0.090*** (0.021) | – | 0.688** (0.271) | – | 0.009 (0.063) | – | 0.343*** (0.112) | – | |
| −0.046 (0.035) | – | (0.047) | – | −1.112*** (0.417) | – | −0.006 (0.122) | – | −0.477** (0.219) | – | |
| – | 0.005 (0.009) | – | −0.039*** (0.010) | – | (0.163) | – | −0.279*** (0.081) | – | 0.257** (0.113) | |
| – | −0.029 (0.068) | – | −0.191 (0.118) | – | −0.496 (0.528) | – | −0.078 (0.200) | – | 0.056 (0.213) | |
| −0.110 (0.061) | −0.065 (0.075) | 0.249*** (0.077) | 0.154 (0.099) | −1.187 (0.760) | 0.043 (1.071) | 0.320 (0.252) | 0.277 (0.379) | −0.186 (0.397) | 0.357 (0.614) | |
| Constant term | 5.925*** (0.261) | 6.127*** (0.350) | 1.189*** (0.243) | 1.368*** (0.352) | −8.797** (2.702) | −4.968 (3.827) | −3.820*** (1.059) | −7.341*** (1.764) | −1.698 (1.275) | −2.497 (1.615) |
| Control variable | Y | Y | Y | Y | Y | Y | Y | Y | Y | Y |
| Industry fixed effect | Y | Y | Y | Y | Y | Y | Y | Y | Y | Y |
| Time fixed effect | Y | Y | Y | Y | Y | Y | Y | Y | Y | Y |
| Sample size | 2,440 | 1,806 | 2,440 | 1,806 | 709 | 593 | 2,391 | 1,775 | 2,391 | 1,753 |
Notes: **,***Significant at the 5 and 1 percent significant levels, respectively
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