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