Variables | Regression results | ||||
Whole sample | Good legal environment | Poor legal environment | Strong environmental regulations | Weak environmental regulations | |
Treat | 0.1675*** | 0.1847*** | 0.1681*** | 0.1698*** | 0.1670*** |
Post | 0.0480*** | 0.0451*** | 0.0546** | 0.0639*** | 0.0158 |
DID | 0.0375** | 0.0374* | 0.0409 | 0.0529* | 0.0130 |
Switch | −0.0425*** | −0.0364*** | −0.0362* | −0.0555*** | −0.0323*** |
Opinion | 0.1180*** | 0.1110*** | 0.1281** | 0.1033** | 0.1287*** |
Big4 | 0.5599*** | 0.5265*** | 0.6710*** | 0.5622*** | 0.5522*** |
SOE | −0.1015*** | −0.1109*** | −0.0348* | −0.0874*** | −0.1087*** |
Loss | 0.0307* | 0.0390* | 0.0087 | 0.0000 | 0.0565** |
Size | 0.3191*** | 0.3242*** | 0.3159*** | 0.3307*** | 0.3084*** |
Lev | −0.1064*** | −0.1438*** | 0.0889 | −0.1539*** | −0.0627* |
MB | −0.3445*** | −0.3429*** | −0.3771*** | −0.3605*** | −0.3386*** |
Quick | −0.0054*** | −0.0076*** | 0.0052 | −0.0108*** | −0.0020 |
ROA | −0.5213*** | −0.5414*** | −0.6770*** | −0.5855*** | −0.4864*** |
Sub | 0.0710*** | 0.0713*** | 0.0637*** | 0.0623*** | 0.0789*** |
_cons | 6.0256*** | 5.9572*** | 5.9045*** | 5.8444*** | 6.1998*** |
N | 8404 | 6549 | 1855 | 3704 | 4700 |
adj. R-sq | 0.647 | 0.658 | 0.635 | 0.633 | 0.649 |