China Policy Journal Volume 1, Number 1, Fall 2018 | Page 132

Environmental Performance Rating and Disclosure: An Empirical Investigation in Jiangsu, China
Transportation
−42.63 23.17*** −0.19 −0.29*** 3.27 −0.32***
(60.82) (6.49) (10.26) (0.04) (2.84) (0.07)
Others −22.62 10.17 13.15* −0.24*** 0.85 −0.30***
(32.06) (15.22) (7.11) (0.03) (2.27) (0.06)
Time trend 12.82 1.67 2.52 0.00 3.28 0.00
(8.56) (2.52) (6.32) (0.02) (4.22) (0.01)
Constant 404.84*** 4.3 10.24 0.45*** 30.09*** 0.37***
(114.78) (25.46) (48.67) (0.09) (9.50) (0.09)
No. of obs 1,320 (4) 1,128 (4) 1,296(4) 1,158 (4) 1,229 (4) 1,104 (4)
within R 2 0.15 0.61 0.73 0.99 0.49 0.82
between R 2 0.16 0.52 0.84 0.97 0.33 0.61
overall R 2 0.14 0.39 0.77 0.99 0.33 0.62
Breusch and Pagan Lagrangian Multiplier test for random effects
Test statistics: χ 2 (1) 0.06 0.06 0.14 0.14 0.05 0.05 71.64*** 71.64*** 5.17** 5.17** 23.77*** 23.77***
Numbers in parentheses are standard errors of the estimated coefficients. ***, **, and * represent
significance at the 1%, 5%, and 10% levels, respectively.
Table 7. Estimation Results for Pollution Concentration Increase: Rated Versus Unrated
Firms
Water
129
Air
TSS COD SO 2
Dust/Smoke
PRD −21.76 −31.45 −32.72** −29.94**
(17.67) (28.59) (14.69) (14.63)
Lagged pollution
intensity −0.50* −0.57*** −1.02*** −1.00***
City dummies (base = Wuxi)
(0.28) (0.03) (0.00) (0.00)
Huanan −44.52 −32.72*** −136.48* −133.30*
(37.69) (8.98) (78.80) (72.49)
Yangzhou 10.99 −85.95** −3 −29.81
(29.41) (36.22) (21.63) (29.67)
Zhengjiang 9.11 −50.03* −40.24 −44.08
(37.23) (25.89) (32.61) (28.44)