Does green finance promote the social responsibility fulfilment of highly polluting enterprises? – empirical evidence from China

Figures & data

Table 1. Summary statistics.

Variables	N	mean	sd	Min	P50	Max
CSR	5699	3.097	5.105	0.066	1.160	4.285
SA	5699	3.549	1.452	1.163	2.482	8.937
Media	5699	1.821	1.980	0.000	1.873	5.316
Size	5699	23.270	1.393	19.550	23.185	26.403
Lev	5699	0.487	0.198	0.046	0.496	0.990
Roa	5699	0.039	0.061	−0.415	0.034	0.244
Growth	5699	0.121	0.346	−0.732	0.078	4.712
Board	5699	2.178	0.208	1.609	2.197	2.708
Indep	5699	0.377	0.056	0.308	0.364	0.600
Dual	5699	0.187	0.390	0.000	0.000	1.000
Top1	5699	0.367	0.157	0.084	0.356	0.755
Mshare	5699	0.063	0.139	0.000	0.000	0.702
Age	5699	2.964	0.295	1.792	2.996	3.555

Notes: This table presents summary statistics for the variables. We tabulate the number of observations (N), the sample average (mean), the standard deviation (sd), the median (p50), the minimum (min), and the maximum (max). All continuous variables are winsorised at the 1% and 99% levels. Source: Author's Source.

Table 2. Green finance and the fulfilment of social responsibility of highly polluting enterprises.

Variables	(1)	(2)	(3)	(4)
	CSR	CSR	CSR_Other	CSR_Envir
Treat*Post	1.625**	1.696***	0.937**	3.346***
	(2.497)	(2.602)	(1.981)	(3.738)
Size		3.946***	3.924***	3.964***
		(26.235)	(20.239)	(15.901)
Lev		−3.646***	−3.365***	−3.633**
		(−3.822)	(−2.679)	(−2.402)
Roa		9.148***	10.476**	8.809**
		(3.322)	(2.340)	(2.439)
Growth		−0.239	−0.567	0.032
		(−0.578)	(−1.068)	(0.050)
Board		5.029***	4.075***	6.296***
		(5.705)	(3.549)	(4.371)
Indep		2.091	5.455	−2.364
		(0.682)	(1.403)	(−0.469)
Dual		−0.932**	−1.587**	−0.479
		(−2.516)	(−2.453)	(−1.022)
Top1		2.734***	6.001***	−1.131
		(2.629)	(3.993)	(−0.671)
Mshare		4.714***	3.812	3.393***
		(4.345)	(0.609)	(2.710)
Age		−1.140**	0.642	−3.181***
		(−2.009)	(0.800)	(−4.007)
Constant	30.668***	−39.493**	−26.918	−69.550***
	(121.889)	(−2.273)	(−1.057)	(−2.915)
Year&Id	YES	YES	YES	YES
N	5699	5699	5699	5699
Adj-R^2	0.430	0.437	0.452	0.424
P-test	–	–	0.032**

Notes: Columns (1)–(4) present the results on the relation between green finance and CSR of highly polluting enterprises. Column (1) reports the univariate regression results. Columns (2)–(4) reports the multiple regression results. Column (3) presents the results on the relation between green finance and CSR_Other. Column (4) presents the results on the relation between green finance and CSR_Envir. All continuous variables are winsorised at the 1% and 99% levels. The t-statistics are calculated based on robust standard errors clustered by firm and are reported in parentheses. ***, **, and * represent statistical significance at the 1%, 5%, and 10% levels, respectively. Source: Author's Source.

Table 3. The mediating effect of financing constraints.

Variables	(1)	(2)	(3)
	CSR	SA	CSR
Treat*Post	1.696***	0.408**	1.202**
	(2.602)	(2.372)	(1.974)
SA			1.008***
			(3.156)
Size	3.946***	−0.106***	4.274***
	(26.235)	(29.340)	(24.391)
Lev	−3.646***	0.092***	−7.625***
	(−3.822)	(−4.096)	(−7.260)
Roa	9.148***	−0.326***	5.152*
	(3.322)	(−5.557)	(1.748)
Growth	−0.239	−0.001	0.792
	(−0.578)	(−0.072)	(1.627)
Board	5.029***	−0.051***	3.306***
	(5.705)	(3.169)	(3.406)
Indep	2.091	−0.383***	−0.973
	(0.682)	(6.068)	(−0.282)
Dual	−0.932**	−0.005	−0.610
	(−2.516)	(−0.686)	(−1.520)
Top1	2.734***	0.181***	1.511
	(2.629)	(8.090)	(1.293)
Mshare	4.714***	−0.121***	5.869***
	(4.345)	(4.819)	(4.965)
Age	−1.140**	−0.556***	−1.351***
	(−2.009)	(−35.910)	(4.595)
Constant	−39.493**	0.182***	−40.338***
	(−2.273)	(4.545)	(4.113)
Year&Id	YES	YES	YES
N	5699	5699	5699
Adj-R^2	0.437	0.371	0.451

Notes: Columns (1)–(4) present the mediating effect of financing constraints. All continuous variables are winsorised at the 1% and 99% levels. The t-statistics are calculated based on robust standard errors clustered by firm and are reported in parentheses. ***, **, and * represent statistical significance at the 1%, 5%, and 10% levels, respectively. Source: Author's Source.

Table 4. Testing the moderating effect of media monitoring.

Variables	(1)	(2)
	Media	CSR
Treat*Post	0.263***	1.256***
	(7.044)	(4.844)
Media		1.719**
		(2.097)
Treat*Post*Media		1.115***
		(3.227)
Size	0.157***	3.931***
	(32.467)	(25.906)
Lev	−5.460	−3.424***
	(−1.420)	(−3.591)
Roa	−0.526***	10.708**
	(−7.932)	(2.093)
Growth	−0.009	−0.243
	(−0.834)	(−0.586)
Board	0.047**	5.003***
	(2.137)	(5.677)
Indep	0.558***	2.122
	(5.464)	(0.695)
Dual	−0.006	−0.926**
	(−0.605)	(−2.496)
Top1	0.177***	2.670**
	(6.507)	(2.567)
Mshare	0.124***	4.443***
	(4.311)	(4.101)
Age	−0.614***	−1.158**
	(−26.126)	(−2.037)
Constant	−2.046***	−67.911***
	(−16.917)	(−16.366)
Year&Id	YES	YES
N	5699	5699
Adj-R^2	0.149	0.489

Notes: Columns (1) and (2) present the moderating effect of media monitoring. All continuous variables are winsorised at the 1% and 99% levels. The t-statistics are calculated based on robust standard errors clustered by firm and are reported in parentheses. ***, **, and * represent statistical significance at the 1%, 5%, and 10% levels, respectively. Source: Author's Source.