Estimates of positive and negative institutional differences
| Intensive | Extensive | Sharemode | Greenmode | trouble | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Variable | (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) | (9) | (10) |
| Panel A: positive institutional differences | ||||||||||
| Idiff | 0.007 (0.025) | – | −0.041 (0.032) | – | 0.378** (0.176) | – | 0.040 (0.048) | – | 0.155** (0.070) | – |
| Idifff×bar | 0.031 (0.045) | – | 0.136** (0.060) | – | −0.481 (0.305) | – | −0.095 (0.096) | – | −0.276** (0.129) | – |
| Cdiff | – | 0.032 (0.033) | – | −0.121*** (0.038) | – | 0.185* (0.097) | – | −0.232*** (0.073) | – | 0.296*** (0.075) |
| Cdifff×bar | – | 0.029 (0.058) | – | 0.011 (0.071) | – | −0.240 (0.225) | – | −0.227 (0.220) | – | 0.022 (0.111) |
| Sample size | 1,563 | 1,332 | 1,563 | 1,332 | 597 | 526 | 1,537 | 1,313 | 1,516 | 1,294 |
| Panel B: negative institutional differences | ||||||||||
| Idiff | 0.027 (0.029) | – | −0.061* (0.032) | – | −0.028 (0.035) | – | −0.002 (0.012) | – | 0.017* (0.010) | – |
| Idifff×bar | −0.035 (0.053) | – | 0.231*** (0.063) | – | −0.051 (0.091) | – | 0.029 (0.020) | – | −0.016 (0.025) | – |
| Cdiff | – | 0.143*** (0.048) | – | 0.021 (0.059) | – | 0.006 (0.024) | – | 0.027 (0.022) | – | −0.024 (0.017) |
| Cdifff×bar | – | −0.184* (0.108) | – | −0.190 (0.156) | – | −0.013 (0.033) | – | 0.009 (0.069) | – | 0.061* (0.034) |
| Sample size | 877 | 474 | 877 | 474 | 112 | 67 | 877 | 474 | 877 | 474 |
| Intensive | Extensive | Sharemode | Greenmode | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Variable | (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) | (9) | (10) |
| 0.007 (0.025) | – | −0.041 (0.032) | – | 0.378** (0.176) | – | 0.040 (0.048) | – | 0.155** (0.070) | – | |
| 0.031 (0.045) | – | 0.136** (0.060) | – | −0.481 (0.305) | – | −0.095 (0.096) | – | −0.276** (0.129) | – | |
| – | 0.032 (0.033) | – | −0.121*** (0.038) | – | 0.185* (0.097) | – | −0.232*** (0.073) | – | 0.296*** (0.075) | |
| – | 0.029 (0.058) | – | 0.011 (0.071) | – | −0.240 (0.225) | – | −0.227 (0.220) | – | 0.022 (0.111) | |
| Sample size | 1,563 | 1,332 | 1,563 | 1,332 | 597 | 526 | 1,537 | 1,313 | 1,516 | 1,294 |
| 0.027 (0.029) | – | −0.061* (0.032) | – | −0.028 (0.035) | – | −0.002 (0.012) | – | 0.017* (0.010) | – | |
| −0.035 (0.053) | – | 0.231*** (0.063) | – | −0.051 (0.091) | – | 0.029 (0.020) | – | −0.016 (0.025) | – | |
| – | 0.143*** (0.048) | – | 0.021 (0.059) | – | 0.006 (0.024) | – | 0.027 (0.022) | – | −0.024 (0.017) | |
| – | −0.184* (0.108) | – | −0.190 (0.156) | – | −0.013 (0.033) | – | 0.009 (0.069) | – | 0.061* (0.034) | |
| Sample size | 877 | 474 | 877 | 474 | 112 | 67 | 877 | 474 | 877 | 474 |
Notes: Regression includes dummy variable (bar), control variables, the fixed effect of industry and year. *,**,***Significant at the 10, 5 and 1 percent significant levels, respectively
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