Table 2.
Baseline regression. This table reports the results of OLS regressions examining the effect of digital transformation on environmental pollution. Appendix A provides definitions of the variables. The regressions control for a year and Industry fixed effects. In parentheses are t-statistics based on standard errors adjusted for heteroskedasticity and firm clustering.
| (1) | (2) | |
|---|---|---|
| Wwater | Wgas | |
| Digital | −0.028 ** | −0.046 ** |
| (−2.43) | (−2.41) | |
| Size | 0.041 *** | 0.101 *** |
| (3.20) | (3.72) | |
| ROA | −0.117 | 0.037 |
| (−0.79) | (0.13) | |
| Lev | −0.049 | −0.184 |
| (−0.89) | (−1.50) | |
| Growth | 0.055 ** | 0.102 ** |
| (2.17) | (2.09) | |
| PPE | −0.357 *** | −0.682 * |
| (−3.13) | (−1.75) | |
| Nership | 0.000 | 0.002 |
| (0.06) | (1.49) | |
| Wedge | −0.001 | −0.003 |
| (−0.76) | (−1.14) | |
| Duality | −0.001 | −0.034 |
| (−0.09) | (−1.19) | |
| Restriction | 0.001 | 0.031 |
| (0.11) | (1.15) | |
| Indepboard | 0.000 | 0.002 |
| (0.08) | (0.73) | |
| Compensation | −0.061 | −0.156 |
| (−0.98) | (−1.30) | |
| Share | −0.001 * | −0.001 |
| (−1.80) | (−1.05) | |
| Constant | −0.775 *** | −2.047 *** |
| (−2.77) | (−3.52) | |
| Year FE | Y | Y |
| Industry FE | Y | Y |
| N | 21,030 | 21,030 |
| R2 | 0.028 | 0.052 |
Superscripts *, **, and *** denote significance at the 10%, 5%, and 1% levels, respectively.