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

Table 9

Robust check for the effects of CEO media on green invention and green utility.

Panel A: propensity score analysis for environmental innovation
Variable	Sample	Treated	Controls	Difference	SE	t-test
Green invention	Unmatched	1.176	0.789	0.387	0.119	3.26
	ATT	1.176	0.827	0.350	0.166	2.11
Green utility	Unmatched	0.919	0.623	0.296	0.117	2.54
	ATT	0.919	0.616	0.303	0.165	1.83
Panel B: zero-inflated negative binomial regression on matched CEO media exposure subsample
Variables	Green inventiont			Green utilityt
	(1)	(2)	(3)	(4)	(5)	(6)
CEO media	0.220	0.080	0.092	0.369	0.195	0.147
	(0.046)	(0.060)	(0.104)	(0.065)	(0.078)	(0.151)
State		−1.201			−0.463
		(0.355)			(0.451)
CEO media × state		0.324			0.387
		(0.091)			(0.113)
Rule			−1.501			−0.177
			(0.529)			(0.407)
CEO media × rule			0.082			0.147
			(0.061)			(0.088)
Firm size	−0.271	−0.250	−0.224	−0.314	−0.318	−0.300
	(0.055)	(0.055)	(0.057)	(0.061)	(0.061)	(0.065)
Leverage	0.525	0.655	0.455	0.945	0.861	0.951
	(0.401)	(0.396)	(0.399)	(0.560)	(0.540)	(0.571)
ROA	0.864	1.372	1.011	1.622	1.597	1.532
	(1.413)	(1.423)	(1.402)	(1.913)	(1.930)	(1.913)
Cash holding	−0.476	−0.385	−0.403	−0.406	−0.066	−0.361
	(0.191)	(0.194)	(0.191)	(0.220)	(0.219)	(0.222)
R&D	0.222	0.221	0.228	0.260	0.250	0.264
	(0.052)	(0.052)	(0.052)	(0.063)	(0.061)	(0.063)
Subsidy	0.111	0.104	0.109	0.053	0.067	0.054
	(0.037)	(0.037)	(0.037)	(0.033)	(0.034)	(0.033)
Top hold	0.557	0.337	0.528	0.163	−0.141	0.252
	(0.430)	(0.435)	(0.429)	(0.575)	(0.569)	(0.584)
TMT size	0.066	0.062	0.064	0.077	0.065	0.083
	(0.025)	(0.024)	(0.024)	(0.031)	(0.030)	(0.031)
Duality	−0.720	−0.644	−0.690	−1.014	−0.819	−0.983
	(0.138)	(0.142)	(0.138)	(0.191)	(0.188)	(0.192)
Constant	1.048	1.038	1.074	1.624	1.509	1.615
	(0.284)	(0.286)	(0.236)	(0.080)	(0.086)	(0.081)
Year	Yes	Yes	Yes	Yes	Yes	Yes
Industry	Yes	Yes	Yes	Yes	Yes	Yes
N	1568	1568	1568	1568	1568	1568
Chi^2	252.846	262.193	261.407	226.921	262.613	230.509

Note that standard errors are in parentheses:; ; .