VARIABLES

(1)

EnvInnov

(2)

EnvInnov

(3)

EnvInnov

HHI

0.081***

(0.022)

Top4

0.108***

(0.025)

LernerIndex

0.073***

(0.018)

Leverage

0.029

0.008

0.025

(0.020)

(0.022)

(0.020)

ROA

−0.012

−0.019

−0.005

(0.018)

(0.020)

(0.018)

Size

0.175***

0.177***

0.188***

(0.031)

(0.034)

(0.031)

Capex

0.066**

0.078***

0.076***

(0.026)

(0.029)

(0.026)

SalesGrowth

−0.059***

−0.053***

−0.061***

(0.013)

(0.015)

(0.013)

Cash

0.014

0.016

0.016

(0.019)

(0.022)

(0.019)

Tangibility

−0.007

−0.012

−0.005

(0.020)

(0.022)

(0.020)

NWC

−0.007

−0.013

−0.004

(0.021)

(0.023)

(0.021)

Constant

0.741

0.684

0.796

(0.499)

(0.483)

(0.502)

Observations

19,700

17,077

19,833

Year dummies

YES

YES

YES

Country dummies

YES

YES

YES

Robust SE

YES

YES

YES