China Policy Journal Volume 1, Number 1, Fall 2018 | Page 130

Environmental Performance Rating and Disclosure: An Empirical Investigation in Jiangsu, China
Table 6. Estimation Results for Pollution Intensity Increases: Five-Color Ratings
Waste Water
Rating dummies (base = not rated)
Water
Air
TSS COD SO 2
Gas
Waste
Dust/
Smoke
Green −−46.24 −4.37 −0.51 −0.05** −6.06** 0.01
(53.17) (6.63) (4.01) (0.02) (2.45) (0.01)
Blue −12.35 −9.18*** −5.1 −0.03** −4.26 0.00
(8.56) (2.39) (4.58) (0.02) (6.20) (0.01)
Yellow −16.32 −13.69* −30.51 −0.04* −5.84 −0.03**
(18.19) (7.32) (23.78) (0.02) (3.88) (0.01)
Red 24.03 −35.14*** −44.40*** −0.05** −5.48* −0.03*
(30.88) (5.76) (10.95) (0.02) (2.87) (0.01)
Black −11.4 −19.72*** −25.06*** −0.15 −5.3 −0.16*
(32.89) (2.67) (8.34) (0.12) (5.81) (0.09)
Lagged
pollution −0.56* −0.94*** −1.00*** −1.00*** −0.75*** −0.80***
intensity (0.31) (0.15) (0.16) 0.00 (0.27) (0.16)
City dummies (base = Wuxi)
Huanan −270.10*** −11.20*** −27.55 −0.02* −5.79** 0.02**
(23.91) (3.13) (22.27) (0.01) (2.32) (0.01)
Yangzhou −251.97*** −6.64 −26.67 −0.10*** −14.27** −0.03***
(23.46) (7.87) (40.37) (0.02) (6.37) (0.01)
Zhengjiang −275.58*** −0.24 −6.82 −0.07*** −12.54* 0.00
Firm size (base = small)
(30.74) (4.41) (33.79) (0.01) (7.21) (0.00)
Large 13.66** −15.44 −30.23 −0.07*** −8.09*** −0.02*
(6.36) (11.08) (39.11) (0.02) (2.57) (0.01)
Medium 24.35 −16.17** −23.81 −0.03 −2.02 −0.01
(30.51) (7.55) (29.53) (0.02) (4.53) (0.01)
Ownership structure (base = private)
Stateowned
−113.99** 15.31* 23.5 −0.03 −8.77 −0.02
(47.38) (9.17) (20.86) (0.09) (7.29) (0.05)
Collectively
owned −106.28** 14.33*** 2.7 −0.06 −15.24** −0.02
(47.70) (3.97) (17.08) (0.09) (6.85) (0.05)
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