Variables

Change year

Whole sample

Good legal

environment

Poor legal environment

Strong environmental

regulations

Weak environmental regulations

Treat

0.1837***

0.1957***

0.1741***

0.1957***

0.1741***

Post

0.0051

0.0119

−0.0172

0.0119

−0.0172

DID

0.0081

0.0165

−0.0105

0.0165

−0.0105

Switch

−0.0512***

−0.0693***

−0.0360***

−0.0693***

−0.0360***

Opinion

0.1151***

0.1000**

0.1273***

0.1000**

0.1273***

Big4

0.5532***

0.5617***

0.5467***

0.5617***

0.5467***

SOE

−0.1007***

−0.0875***

−0.1079***

−0.0875***

−0.1079***

Loss

0.0210

−0.0109

0.0504**

−0.0109

0.0504**

Size

0.3344***

0.3495***

0.3158***

0.3495***

0.3158***

Lev

−0.1224***

−0.1736***

−0.0713*

−0.1736***

−0.0713*

MB

−0.4293***

−0.4664***

−0.3789***

−0.4664***

−0.3789***

Quick

−0.0062***

−0.0122***

−0.0023

−0.0122***

−0.0023

ROA

−0.6975***

−0.7866***

−0.5800***

−0.7866***

−0.5800***

Sub

0.0711***

0.0629***

0.0790***

0.0629***

0.0790***

_cons

5.7713***

5.5372***

6.0763***

5.5372***

6.0763***

N

8404

3704

4700

3704

4700

adj. R-sq

0.645

0.630

0.649

0.630

0.649