Figure 1
A line graph titled Event-study: Environmental clause and outward F D I. The horizontal axis represents event time with intervals <= -3, -2, 0, +1, +2/+3, and >= +4. The vertical axis represents P P M L coefficient ranging from -0.4 to 0.2. The graph shows data points with error bars indicating variability. The omitted baseline period is -1. Data points are plotted at various event times, showing the P P M L coefficient values and their corresponding error bars. The trend indicates fluctuations around the zero line, with some points above and some below, suggesting varying impacts of the environmental clause on outward F D I over different event times.Event-study estimates relative to the year prior to clause activation