China Policy Journal Volume 1, Number 1, Fall 2018 | Page 126

Environmental Performance Rating and Disclosure: An Empirical Investigation in Jiangsu, China
Table 4. Pollution Intensities and Effluent Concentrations for Unrated Firms and Firms Rated for the First Time
Pollution Intensity Effluent Concentration
Water TSS COD SO Dust/
2
Dust/
Smoke Smoke
Gas TSS TSS COD COD SO 2 SO 2
Dust/
Smoke
Zhenjiang launched its pilot Green Watch Program in 1999
Unrated 50.06
(103.13)
68.05
(190.49)
63.44
(177.37)
0.58
(1.70)
0.38
(0.81)
6.38
(13.39)
115.44
(51.90)
170.43
(97.95)
183.52
(343.55)
199.82
(166.58)
Rated 6.93
(19.94)
26.71
(63.85)
23.82
(67.41)
0.04
(0.11)
0.01
(0.06)
2.30
(5.68)
93.54
(79.60)
179.51
(227.12)
413.45
(522.20)
485.60
(709.19)
Equal mean
test
3.64* 0.13 0.82 0.42 3.21* 0.52 3.77** 1.30 0.73 0.67
Equal median
test
5.14** 0.15 2.73* 0.17 0.48 0.10 6.71*** 3.25* 1.99 2.58*
Three cities (Huaian, Wuxi and Yangzhou) launched Green Watch programs in 2001
Unrated 76.74
(245.71)
8.79
(28.67)
1.89
(6.67)
0.16
(0.49)
0.11
(0.31)
24.17
(102.11)
95.83
(56.86)
278.24
(304.49)
967.66
(999.83)
253.96
(218.00)
Rated 143.92
(492.41)
30.34
(94.04)
119.72
(556.27)
0.13
(0.68)
0.06
(0.28)
28.81
(148.89)
120.27
(335.57)
229.84
(650.73)
1284.55
(2476.77)
295.01
(784.40)
Equal mean
test
2.93** 0.06 6.83*** 1.67 1.25 2.42 5.06** 8.71*** 0.01 0.22
Equal median
test
7.54*** 1.23 2.58* 0.05 0.83 1.52 7.02*** 10.57*** 0.14 0.23
Note: *is for a significance level of 10%, ** for 5%, and ***for 1%, respectively.
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