Variables | PSM method | ||||
Whole sample | Good legal environment | Poor legal environment | Strong environmental regulations | Weak environmental regulations | |
Treat | 0.1670*** | 0.1840*** | 0.1677*** | 0.1694*** | 0.1663*** |
Post | 0.0481*** | 0.0455*** | 0.0539** | 0.0635*** | 0.0162 |
DID | 0.0386** | 0.0385* | 0.0418 | 0.0540** | 0.0141 |
Switch | −0.0424*** | −0.0362*** | −0.0363* | −0.0557*** | −0.0320** |
Opinion | 0.1179*** | 0.1111*** | 0.1278** | 0.1026** | 0.1290*** |
Big4 | 0.5601*** | 0.5271*** | 0.6698*** | 0.5607*** | 0.5534*** |
SOE | −0.1015*** | −0.1110*** | −0.0348* | −0.0874*** | −0.1087*** |
Loss | 0.0304* | 0.0382* | 0.0102 | 0.0025 | 0.0543** |
Size | 0.3189*** | 0.3237*** | 0.3169*** | 0.3316*** | 0.3074*** |
Lev | −0.1053*** | −0.1424*** | 0.0882 | −0.1543*** | −0.0603 |
MB | −0.0053*** | −0.0075*** | 0.0052 | −0.0108*** | −0.0019 |
Quick | −0.3446*** | −0.3424*** | −0.3793*** | −0.3616*** | −0.3384*** |
ROA | −0.5196*** | −0.5392*** | −0.6776*** | −0.5828*** | −0.4853*** |
Sub | 0.0710*** | 0.0714*** | 0.0635*** | 0.0620*** | 0.0791*** |
_cons | 6.0287*** | 5.9670*** | 5.8857*** | 5.8248*** | 6.2183*** |
N | 8401 | 6547 | 1854 | 3702 | 4699 |
adj. R-sq | 0.647 | 0.658 | 0.635 | 0.633 | 0.649 |