| Panel A: Replacing Earning | Panel B: Replacing Green Technology Innovation | ||||
Model (1) | Model (2) | Model (3) | Model (1) | Model (2) | Model (3) | |
Earni,t+1 | Earni,t+1 | Earni,t+1 | Earni,t+1 | Earni,t+1 | Earni,t+1 | |
Earni,t | 0.477*** | 0.372*** | 0.360*** | 0.446*** | 0.417*** | 0.364*** |
| (7.327) | (4.751) | (4.616) | (7.101) | (6.148) | (4.344) |
GT |
| −0.012 | 0.011 |
| −0.001 | 0.018 |
|
| (−0.798) | (0.510) |
| (−1.075) | (1.281) |
Earni,t × GT |
| 0.871*** | 0.031 |
| 0.036** | 0.027 |
|
| (3.150) | (0.066) |
| (2.019) | (0.080) |
GF |
|
| 0.040 |
|
| 0.044 |
|
|
| (1.528) |
|
| (1.524) |
GT × GF |
|
| −0.107* |
|
| −0.094** |
|
|
| (−1.839) |
|
| (−2.522) |
Earni,t × GT × GF |
|
| 4.249* |
|
| 2.404* |
|
|
| (1.831) |
|
| (1.880) |
_cons | 0.062 | 0.084* | 0.055 | 0.073* | 0.076* | 0.049 |
| (1.460) | (1.937) | (1.279) | (1.877) | (1.959) | (1.079) |
Controls | Yes | Yes | Yes | Yes | Yes | Yes |
Year | Yes | Yes | Yes | Yes | Yes | Yes |
Industry | Yes | Yes | Yes | Yes | Yes | Yes |
Province | Yes | Yes | Yes | Yes | Yes | Yes |
N | 570 | 570 | 570 | 570 | 570 | 570 |
Adj_R2 | 0.393 | 0.417 | 0.412 | 0.366 | 0.370 | 0.360 |