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

Table 7

Dependent variable forward two periods.

Variables	Green inventiont + 2			Green utilityt + 2
	(1)	(2)	(3)	(4)	(5)	(6)
CEO media	0.223	0.185	0.133	0.327	0.151	0.180
	(0.036)	(0.049)	(0.064)	(0.053)	(0.068)	(0.089)
State		−0.105			−0.215
		(0.233)			(0.317)
CEO media × state		0.084			0.376
		(0.070)			(0.093)
Rule			−1.136			−0.931
			(0.404)			(0.396)
CEO media × rule			0.071			0.117
			(0.044)			(0.059)
Firm size	−0.198	−0.205	−0.163	−0.224	−0.223	−0.200
	(0.045)	(0.046)	(0.047)	(0.056)	(0.056)	(0.057)
Leverage	0.499	0.529	0.461	0.887	0.658	0.788
	(0.367)	(0.366)	(0.366)	(0.512)	(0.495)	(0.515)
ROA	−1.201	−0.980	−0.986	1.448	0.622	1.526
	(1.269)	(1.278)	(1.266)	(1.693)	(1.712)	(1.689)
Cash holding	−0.117	−0.046	−0.092	−0.282	0.103	−0.238
	(0.164)	(0.169)	(0.163)	(0.235)	(0.231)	(0.236)
R&D	0.193	0.199	0.190	0.172	0.171	0.181
	(0.045)	(0.045)	(0.045)	(0.055)	(0.054)	(0.055)
Subsidy	0.086	0.088	0.086	0.049	0.064	0.049
	(0.031)	(0.031)	(0.031)	(0.035)	(0.036)	(0.036)
Top hold	−0.537	−0.541	−0.476	−0.352	−0.244	−0.370
	(0.387)	(0.387)	(0.385)	(0.503)	(0.491)	(0.505)
TMT size	0.032	0.031	0.035	0.114	0.073	0.120
	(0.024)	(0.024)	(0.024)	(0.031)	(0.030)	(0.031)
Duality	−0.637	−0.592	−0.612	−0.781	−0.639	−0.789
	(0.138)	(0.141)	(0.138)	(0.192)	(0.186)	(0.192)
Constant	1.135	1.161	1.143	1.767	1.650	1.758
	(0.280)	(0.301)	(0.292)	(0.074)	(0.082)	(0.073)
Year	Yes	Yes	Yes	Yes	Yes	Yes
Industry	Yes	Yes	Yes	Yes	Yes	Yes
N	1855	1855	1855	1855	1855	1855
Chi^2	243.554	243.661	252.839	212.109	257.527	227.563

Note that standard errors are in parentheses: p < 0.1; p < 0.05; p < 0.01.