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