Panel A: Replacing Earning

Panel B: Replacing Green Technology Innovation

Model (1)

Model (2)

Model (3)

Model (1)

Model (2)

Model (3)

Earn_i,t+1

Earn_i,t+1

Earn_i,t+1

Earn_i,t+1

Earn_i,t+1

Earn_i,t+1

Earn_i,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)

Earn_i,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)

Earn_i,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