Definitions of variables
| Variable | Definition |
|---|---|
| Green R&D | Number of green patent applications |
| ROA | Return on assets |
| ROE | Return on equity |
| WW index | WW = −0.091CF − 0.062DIV + 0.021TLTD − 0.044SIZE + 0.102ISG − 0.035SG Where CF is the ratio of cash flow to total assets, DIV is an indicator that takes the value of 1 if the firm pays cash dividends, TLTD is the ratio of the long-term debt to total assets, SIZE is the natural log of total assets, ISG and SG are the sales growth of industry and firm, respectively |
| Channel power structure | Ratio of supplier's largest customer's sales to supplier's overall sales (%) |
| Debt financing cost | Ratio of interest expense to total liabilities |
| Variable | Definition |
|---|---|
| Green R&D | Number of green patent applications |
| ROA | Return on assets |
| ROE | Return on equity |
| WW index | |
| Channel power structure | Ratio of supplier's largest customer's sales to supplier's overall sales (%) |
| Debt financing cost | Ratio of interest expense to total liabilities |
Source(s): Created by authors
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