Table 2.
Results for regression models
| Variables | (1) | (2) | (3) | (4) | (5) | (6) | (7) |
|---|---|---|---|---|---|---|---|
| Clean Energy | Fossil Fuel | Clean Energy | Fossil Fuel | Clean Energy | Fossil Fuel | IV Regression | |
| Intercept | -0.0102† | -0.0049† | 0.0005 | -0.0030*** | -0.0079** | -0.0030† | |
| (0.0052) | (0.0027) | (0.0008) | (0.0004) | (0.003) | (0.0016) | ||
| covid | -0.0065† | -0.0040* | -0.0064† | -0.0040*** | 0.0003 | -0.0028*** | -0.0488*** |
| (0.0034) | (0.0017) | (0.0027) | (0.0010) | (0.0014) | (0.0007) | (0.0095) | |
| attention | 0.0019* | 0.0003 | 0.0084*** | ||||
| (0.0009) | (0.0005) | (0.0022) | |||||
| att_Dummy | 0.0069** | 0.0013 | |||||
| (0.0022) | (0.0008) | ||||||
| att_coronavirus | 0.0049** | -0.0000 | |||||
| (0.0016) | (0.0007) | ||||||
| marketR | 2.8251*** | 2.0886*** | 2.8234*** | 2.0792*** | 2.8185*** | 2.0882*** | 0.3360** |
| (0.1123) | (0.0649) | (0.1116) | (0.0650) | (0.1117) | (0.0644) | (0.1180) | |
| marketVol | -0.4374 | 0.6719** | 0.1944 | 0.7894*** | 0.1973 | 0.8191 | 0.6597 |
| (0.4459) | (0.2118) | (0.2776) | (0.1362) | (0.2778) | (0.5529) | (0.5703) | |
| crash1 | -0.0052 | -0.0018 | -0.0062† | -0.0021 | -0.0063* | -0.0020 | 0.0232*** |
| (0.0031) | (0.0022) | (0.0032) | (0.0021) | (0.0032) | (0.0024) | (0.0038) | |
| crash2 | -0.0007 | -0.0071*** | -0.0017 | -0.0074*** | -0.0017 | -0.0074*** | -0.0115*** |
| (0.0028) | (0.0018) | (0.0028) | (0.0023) | (0.0028) | (0.0018) | (0.0034) | |
| crash3 | -0.0046 | 0.0133*** | -0.0039 | 0.0133*** | -0.0042 | 0.0134*** | |
| (0.0033) | (0.0017) | (0.0033) | (0.0017) | (0.0034) | (0.0019) | ||
| Firm Effect | YES | YES | YES | YES | YES | YES | YES |
| Obs. | 6457 | 7909 | 6457 | 7909 | 6457 | 7909 | 4928 |
| Adjusted R2 | 0.243 | 0.282 | 0.243 | 0.282 | 0.242 | 0.282 | 0.032 |
| F-Statistic | 135.57*** | 199.45*** | 138.24*** | 189.06*** | 148.67*** | 194.00*** | 21.15*** |
Note: † p < 0.1, * p < 0.05, ** p < 0.01, *** p < 0.001. All standard errors (provided in parentheses) were clustered at the firm level. Models (1) and (2) are baseline models, and Models (3) - (6) are robustness tests with alternative measures of explanatory variable attention. Model (7) is an IV regression for mitigating endogeneity issue, using daily confirmed cases of COVID-19 as an instrumental variable for attention.