Table 7.
The mediating effect of green innovation.
|
VARIABLES |
(1) |
(2) |
(3) |
(4) |
(5) |
(6) |
|---|---|---|---|---|---|---|
| GI HP |
GI NHP |
EP HP |
EP NHP |
FP HP |
FP NHP |
|
| EID | 0.0066** | 0.0047** | ||||
| (2.3716) | (2.4340) | |||||
| GI | 0.0028 | 0.0776*** | 0.0042* | −0.0011 | ||
| (0.1036) | (3.5572) | (1.6712) | (-0.6609) | |||
| State | 0.0410 | 0.2304* | 0.4241* | 0.1731 | −0.0291 | −0.0253* |
| (0.2540) | (1.6912) | (1.7400) | (1.2816) | (-1.4860) | (-1.7754) | |
| Leverage | −0.0306 | 0.0286 | −0.0204 | −0.2006 | −0.1775*** | −0.1591*** |
| (-0.1279) | (0.1610) | (-0.0853) | (-1.0887) | (-5.5494) | (-7.6440) | |
| Size | 0.2729*** | 0.3245*** | 0.1283* | 0.1497*** | 0.0223*** | 0.0285*** |
| (4.1352) | (7.5228) | (1.7999) | (2.8810) | (2.7173) | (6.5801) | |
| Growth | −0.0430 | 0.0160 | 0.0008 | −0.0933*** | 0.0697*** | 0.0517*** |
| (-1.1985) | (0.6558) | (0.0181) | (-3.7034) | (10.6846) | (14.0692) | |
| Holder1 | −0.0017 | 0.0005 | −0.0007 | −0.0009 | −0.0002 | 0.0009*** |
| (-0.4382) | (0.1318) | (-0.1919) | (-0.2689) | (-0.4815) | (2.9474) | |
| Constant | −0.5743* | −0.9540*** | −0.0449 | 0.1788 | 0.1507*** | 0.0762*** |
| (-1.6801) | (-3.5647) | (-0.1341) | (0.6733) | (5.0125) | (3.8627) | |
| Obs | 3289 | 7113 | 3289 | 7113 | 3289 | 7113 |
| R2 | 0.191 | 0.252 | 0.116 | 0.093 | 0.186 | 0.200 |
| Firms | 373 | 812 | 373 | 812 | 373 | 812 |
| Firm FE | YES | YES | YES | YES | YES | YES |
| Year FE | YES | YES | YES | YES | YES | YES |
Note: t-statistics are presented in parentheses. *, ** and *** represent significance levels of 10 %, 5 % and 1 %, respectively.