Table 12.
Heterogeneity of corporate profitability.
| (1) | (2) | (3) | (4) | (5) | (6) | |
|---|---|---|---|---|---|---|
| M1 | M2 | M3 | M11 | M21 | M31 | |
| DDD | 0.274 * | 0.243 * | 0.305 * * | 0.185 | 0.144 | 0.179 |
| [0.1415] | [0.1380] | [0.1443] | [0.1179] | [0.1168] | [0.1181] | |
| SI | 0.00868*** | 0.00689*** | ||||
| [0.0007] | [0.0005] | |||||
| CI | 0.00540*** | 0.00193*** | ||||
| [0.0006] | [0.0006] | |||||
| DD | 0.284*** | 0.282*** | 0.263*** | 0.126 * * | 0.132 * * | 0.122 * * |
| [0.0597] | [0.0595] | [0.0589] | [0.0615] | [0.0615] | [0.0614] | |
| treat | −0.0646 | −0.0780 | −0.115 | 0.0124 | 0.00773 | 0.00546 |
| [0.1328] | [0.1295] | [0.1359] | [0.1095] | [0.1082] | [0.1098] | |
| treat | 0.145 * * | 0.126 * * | 0.125 * * | −0.0194 | −0.00853 | −0.0146 |
| [0.0569] | [0.0568] | [0.0561] | [0.0583] | [0.0583] | [0.0582] | |
| group | 0.0570 | 0.126*** | 0.0227 | 0.171*** | 0.103*** | 0.175*** |
| [0.0385] | [0.0385] | [0.0389] | [0.0321] | [0.0322] | [0.0321] | |
| LnAssets | 0.504*** | 0.473*** | 0.521*** | 0.471*** | 0.445*** | 0.473*** |
| Leverage | [0.0179] | [0.0182] | [0.0180] | [0.0169] | [0.0170] | [0.0169] |
| 0.204 * | 0.149 | 0.188 * | 0.00552 | −0.0363 | 0.0127 | |
| [0.1115] | [0.1104] | [0.1106] | [0.0683] | [0.0682] | [0.0683] | |
| ROA | 0.943 * | 0.973 * | 0.897 * | 0.158 | 0.132 | 0.190 |
| [0.5089] | [0.5026] | [0.4991] | [0.1482] | [0.1488] | [0.1485] | |
| ROE | −0.145 | −0.0325 | −0.173 | −0.000495 | −0.00683 | −0.000251 |
| [0.2465] | [0.2437] | [0.2373] | [0.0111] | [0.0110] | [0.0108] | |
| Cash | 0.452 * * | 0.518 * * | 0.349 * | 0.313 * * | 0.370 * * | 0.278 * |
| [0.2118] | [0.2066] | [0.2085] | [0.1560] | [0.1550] | [0.1567] | |
| Growth | −0.00000315*** | −0.00000464*** | −0.00000317*** | 0.00636*** | 0.00720*** |
0.00619 *** |
| [0.0000] | [0.0000] | [0.0000] | [0.0019] | [0.0017] | [0.0020] | |
| BM | 0.188*** | 0.180*** | 0.181*** | 0.0628*** | 0.0575*** | 0.0608*** |
| [0.0196] | [0.0192] | [0.0194] | [0.0171] | [0.0168] | [0.0171] | |
| Q | 0.0134*** | 0.0188*** | 0.0115*** | 0.0117*** | 0.0140*** | 0.0108*** |
| [0.0039] | [0.0041] | [0.0039] | [0.0026] | [0.0033] | [0.0024] | |
| LnAge | 0.215*** | 0.200*** | 0.213*** | 0.107*** | 0.0787 * * | 0.105*** |
| [0.0419] | [0.0414] | [0.0416] | [0.0361] | [0.0359] | [0.0361] | |
| SOE | 0.129*** | 0.111*** | 0.148*** | 0.114*** | 0.113*** | 0.120*** |
| [0.0347] | [0.0345] | [0.0342] | [0.0284] | [0.0282] | [0.0284] | |
| _cons | 9.418*** | 8.520*** | 9.959*** | 9.115*** | 8.374*** | 9.232*** |
| [0.3847] | [0.3935] | [0.3883] | [0.3674] | [0.3719] | [0.3697] |
(1) M1: The effect of carbon trading policy on green technology innovation in high-margin enterprises.
(2) M2: The mediating role of SI (Supplier concentration) in high-margin firms.
(3) M3: Mediating role of CI (customer concentration) in high margin firms.
(4) M11: Effect of carbon trading policies on green technology innovation in low-margin firms.
(5) M21: The mediating role of SI (Supplier concentration) in low-margin firms.
(6) M31: Mediating role of CI (customer concentration) in low-margin firms.