CEO Media Exposure and Green Technological Innovation Decision: Evidence from Chinese Polluting Firms

Table 6

Zero-inflated negative binomial regression of CEO media exposure on green invention and green utility.

Variables	Green inventiont			Green utilityt
	(1)	(2)	(3)	(4)	(5)	(6)
CEO media	0.222	0.165	0.094	0.309	0.203	0.159
	(0.033)	(0.044)	(0.070)	(0.043)	(0.056)	(0.096)
State		−0.271			0.139
		(0.209)			(0.269)
CEO media × state		0.128			0.267
		(0.063)			(0.078)
Rule			−1.406			−0.433
			(0.386)			(0.279)
CEO media × rule			0.085			0.098
			(0.042)			(0.057)
Firm size	−0.263	−0.263	−0.222	−0.260	−0.282	−0.238
	(0.042)	(0.043)	(0.044)	(0.047)	(0.048)	(0.048)
Leverage	0.328	0.379	0.264	0.955	0.792	0.871
	(0.309)	(0.308)	(0.308)	(0.421)	(0.410)	(0.424)
ROA	−0.513	−0.237	−0.538	0.575	0.468	0.379
	(1.099)	(1.108)	(1.091)	(1.482)	(1.481)	(1.487)
Cash holding	−0.423	−0.362	−0.348	−0.371	−0.049	−0.342
	(0.162)	(0.164)	(0.162)	(0.189)	(0.189)	(0.190)
R&D	0.227	0.230	0.232	0.203	0.196	0.205
	(0.039)	(0.039)	(0.039)	(0.047)	(0.046)	(0.047)
Subsidy	0.121	0.121	0.124	0.065	0.084	0.065
	(0.031)	(0.031)	(0.031)	(0.031)	(0.032)	(0.031)
Top hold	−0.227	−0.273	−0.167	−0.120	0.008	−0.133
	(0.335)	(0.337)	(0.335)	(0.439)	(0.430)	(0.441)
TMT size	0.073	0.070	0.074	0.073	0.067	0.075
	(0.020)	(0.020)	(0.020)	(0.025)	(0.024)	(0.025)
Duality	−0.601	−0.547	−0.578	−0.542	−0.403	−0.519
	(0.121)	(0.123)	(0.121)	(0.161)	(0.158)	(0.161)
Constant	1.095	1.135	1.095	1.729	1.632	1.723
	(0.239)	(0.250)	(0.247)	(0.066)	(0.068)	(0.066)
Year	Yes	Yes	Yes	Yes	Yes	Yes
Industry	Yes	Yes	Yes	Yes	Yes	Yes
N	2597	2597	2597	2597	2597	2597
Chi^2	366.274	366.062	379.864	332.946	391.544	337.586

Note that standard errors are in parentheses: ; ; .