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Research on Strategy Optimization and Model Construction of Green Financial Reform and Innovation on Corporate Sustainability in Low-Carbon Economy

  
17 mar 2025

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Figure 1.

Green financial reform innovation’s mechanism for the low carbon economy
Green financial reform innovation’s mechanism for the low carbon economy

Figure 2.

Pearson correlation coefficient between variables
Pearson correlation coefficient between variables

Figure 3.

Parallel trend test chart
Parallel trend test chart

Benchmark regression

Variable (1) (2) (3) (4) (5) (6)
DID 0.0129** -0.0001* 0.0369* 0.0029* 0.0125** 0.1006**
gdp - 0.0574*** 0.0211*** 0.0236*** 0.0124* 0.0134
urb - - 0.1269*** 0.1347*** 0.0214 0.3514
ind - - - 0.0114 0.0963*** 0.1132***
open - - - - 0.0097*** 0.0081***
gov - - - - - 0.5736***
Constant 0.3365*** -0.2771*** 0.0034*** 0.0029* 0.0647 0.9424
μt YES YES YES YES YES YES
μp YES YES YES YES YES YES
N 500 500 500 500 500 500
R-squared 0.0064 0.3912 0.4039 0.4231 0.5214 0.5371

Property rights heterogeneity test results

Variable (1) (2) (3) (4)
DID -0.0597 0.1566 0.0487*** 0.0575***
gdp - 0.1992 - 0.0178***
urb - -0.0083 - -0.1371**
ind - 0.0084 - 0.1217
open - 0.0026*** - -0.008**
gov - 0.0019 - 0.0469
Constant 0.2767*** -0.3056 -0.0913*** 0.0361
N 500 500 500 500
R-squared 0.0064 0.0063 0.0059 0.0074

Industry heterogeneity test results

Variable (1) (2) (3) (4)
DID 0.1316** 0.0512** 0.0699 0.1953
gdp -- 0.0514** 0.0593*
urb -- -0.0451 -0.1999*
ind -- 0.0526 -- 0.1393
open -- 0.0654*** -- 0.071
gov -- -0.2541 -- 0.0207
Constant 0.6238*** -0.2405 0.089*** 0.0045
N 500 500 500 500
R-squared 0.0059 0.0066 0.0071 0.0068

Placebo test result

Variable (1) (2)
DID 0.0131 0.1016
gdp - 0.0122**
urb - 0.3533**
ind - -0.1025
open - 0.0063
gov - 0.0121
Constant 0.0334*** 0.0472
N 500 500
R-squared 0.0064 0.0064

Descriptive statistics of variables

Variables N M Std.Dev Min Max
FP 500 0.046 0.059 -0.211 0.236
EP 500 6.039 0.774 3.374 9.219
DID 500 0.016 0.114 0 1
gdp 500 10.736 0.449 9.324 12.874
urb 500 0.492 0.893 0.331 0.836
ind 500 6.299 1.947 0.536 9.547
open 500 6.294 1.925 0.531 9.571
gov 500 0.029 0.009 0.013 0.067