Reputational threat: sample composition
Respondent-level counts (one row per id) on the
estimation sample (badquality == 0). Percentages are within
column, and the Missing row and the
firm_large = NA column are shown rather than dropped.
By treatment
negpublicity by treatment (N, column %)
|
Reputational threat
|
Control (t=0)
|
Treatment (t=1)
|
Total
|
|
1 - Low
|
40 (13.8%)
|
48 (16.8%)
|
88 (15.3%)
|
|
2 - Medium
|
140 (48.3%)
|
134 (46.9%)
|
274 (47.6%)
|
|
3 - High
|
109 (37.6%)
|
102 (35.7%)
|
211 (36.6%)
|
|
Missing
|
1 (0.3%)
|
2 (0.7%)
|
3 (0.5%)
|
|
Total
|
290 (100%)
|
286 (100%)
|
576 (100%)
|
By treatment and firm_large
negpublicity by firm_large and treatment (N, column %)
|
Reputational threat
|
firm_large = 0, Control (t=0)
|
firm_large = 0, Treatment (t=1)
|
firm_large = 1, Control (t=0)
|
firm_large = 1, Treatment (t=1)
|
firm_large = NA
|
Total
|
|
1 - Low
|
8 (13.1%)
|
9 (15.0%)
|
16 (12.2%)
|
24 (17.0%)
|
31 (16.9%)
|
88 (15.3%)
|
|
2 - Medium
|
32 (52.5%)
|
29 (48.3%)
|
60 (45.8%)
|
66 (46.8%)
|
87 (47.5%)
|
274 (47.6%)
|
|
3 - High
|
21 (34.4%)
|
20 (33.3%)
|
55 (42.0%)
|
51 (36.2%)
|
64 (35.0%)
|
211 (36.6%)
|
|
Missing
|
0 (0.0%)
|
2 (3.3%)
|
0 (0.0%)
|
0 (0.0%)
|
1 (0.5%)
|
3 (0.5%)
|
|
Total
|
61 (100%)
|
60 (100%)
|
131 (100%)
|
141 (100%)
|
183 (100%)
|
576 (100%)
|
Emissions Factor Dummy
Emission factor by sector, with the ef_high cut at 0.20
|
Sector
|
Emission factor
|
Group
|
n
|
|
agroforestry
|
0.72662
|
HIGH
|
6
|
|
utilities
|
0.56650
|
HIGH
|
14
|
|
oil_gas_coal
|
0.43232
|
HIGH
|
14
|
|
transport
|
0.39741
|
HIGH
|
23
|
|
manufacturing
|
0.39432
|
HIGH
|
81
|
|
construction
|
0.22623
|
HIGH
|
45
|
|
entertainment
|
0.14506
|
low
|
9
|
|
health_education
|
0.12496
|
low
|
37
|
|
retail
|
0.12156
|
low
|
41
|
|
wholesale
|
0.12038
|
low
|
12
|
|
other
|
0.10492
|
low
|
79
|
|
consulting
|
0.08988
|
low
|
32
|
|
finance
|
0.07805
|
low
|
65
|
|
Multi-industry
|
|
|
89
|
Table 1: Reputational harm
Table 1
Table 1: Reputational harm (Table currently in Paper)
|
|
(1) Harm
|
(2) Treatment
|
(3) Treatment + Harm
|
(4) Treatment x Harm (Triple interaction)
|
(5) Subsample (T = 0)
|
(6) Subsample (T = 1)
|
|
Cost
|
−0.348***
|
−0.216***
|
−0.374***
|
−0.530***
|
−0.322***
|
−0.228**
|
|
|
(0.067)
|
(0.040)
|
(0.066)
|
(0.075)
|
(0.091)
|
(0.094)
|
|
Effective
|
−0.020
|
0.217**
|
−0.020
|
0.126
|
−0.032
|
0.145
|
|
|
(0.150)
|
(0.106)
|
(0.154)
|
(0.196)
|
(0.209)
|
(0.212)
|
|
Socbenefit
|
0.470***
|
0.467***
|
0.465***
|
0.472***
|
0.450***
|
0.488***
|
|
|
(0.050)
|
(0.052)
|
(0.051)
|
(0.053)
|
(0.072)
|
(0.074)
|
|
Envbenefit
|
0.502***
|
0.490***
|
0.503***
|
0.502***
|
0.603***
|
0.366***
|
|
|
(0.046)
|
(0.045)
|
(0.045)
|
(0.046)
|
(0.066)
|
(0.062)
|
|
Partner_NGO
|
−0.053
|
−0.047
|
−0.048
|
−0.052
|
−0.110
|
0.008
|
|
|
(0.078)
|
(0.077)
|
(0.077)
|
(0.079)
|
(0.107)
|
(0.110)
|
|
Partner_Gov
|
−0.018
|
−0.017
|
−0.013
|
−0.019
|
−0.032
|
−0.003
|
|
|
(0.090)
|
(0.089)
|
(0.090)
|
(0.092)
|
(0.126)
|
(0.127)
|
|
Out
|
−4.066***
|
−3.831***
|
−4.010***
|
−5.110***
|
−4.644***
|
−3.633***
|
|
|
(0.636)
|
(0.470)
|
(0.621)
|
(0.742)
|
(0.958)
|
(0.898)
|
|
first
|
0.016
|
0.022
|
0.017
|
0.018
|
0.025
|
0.000
|
|
|
(0.048)
|
(0.047)
|
(0.048)
|
(0.049)
|
(0.066)
|
(0.068)
|
|
Cost × Effective
|
0.106***
|
0.087***
|
0.104***
|
0.102***
|
0.120***
|
0.066*
|
|
|
(0.027)
|
(0.027)
|
(0.027)
|
(0.028)
|
(0.037)
|
(0.038)
|
|
Cost × negpublicity
|
0.060**
|
|
0.057**
|
0.126***
|
0.031
|
0.041
|
|
|
(0.026)
|
|
(0.025)
|
(0.032)
|
(0.036)
|
(0.036)
|
|
Effective × negpublicity
|
0.111**
|
|
0.090*
|
0.034
|
0.062
|
0.129*
|
|
|
(0.051)
|
|
(0.050)
|
(0.073)
|
(0.072)
|
(0.070)
|
|
Out × negpublicity
|
0.011
|
|
0.051
|
0.624***
|
0.287
|
−0.175
|
|
|
(0.168)
|
|
(0.167)
|
(0.236)
|
(0.247)
|
(0.233)
|
|
Cost × treatment
|
|
0.060
|
0.079**
|
0.405***
|
|
|
|
|
|
(0.037)
|
(0.038)
|
(0.115)
|
|
|
|
Effective × treatment
|
|
0.131*
|
0.116*
|
−0.111
|
|
|
|
|
|
(0.070)
|
(0.070)
|
(0.237)
|
|
|
|
Out × treatment
|
|
0.198
|
0.158
|
1.809**
|
|
|
|
|
|
(0.238)
|
(0.242)
|
(0.788)
|
|
|
|
Cost × TreatxThreatCon
|
|
|
|
−0.146***
|
|
|
|
|
|
|
|
(0.051)
|
|
|
|
Effective × TreatxThreatCon
|
|
|
|
0.103
|
|
|
|
|
|
|
|
(0.103)
|
|
|
|
Out × TreatxThreatCon
|
|
|
|
−0.834**
|
|
|
|
|
|
|
|
(0.336)
|
|
|
|
Num.Obs.
|
10314
|
10368
|
10314
|
10314
|
5202
|
5112
|
|
RMSE
|
0.54
|
0.54
|
0.54
|
0.54
|
0.54
|
0.53
|
|
* p < 0.1, ** p < 0.05, *** p < 0.01
|
Table 1b: firm_large interactions
Table 1 with firm_large × attribute interactions
Table 1b: firm_large x attribute interactions
|
|
(1) Harm
|
(2) Treatment
|
(3) Treatment + Harm
|
(4) Treatment x Harm (Triple interaction)
|
(5) Subsample (T = 0)
|
(6) Subsample (T = 1)
|
|
Cost
|
−0.406***
|
−0.202***
|
−0.438***
|
0.554***
|
−0.228*
|
−0.355***
|
|
|
(0.085)
|
(0.059)
|
(0.087)
|
(0.101)
|
(0.123)
|
(0.127)
|
|
Effective
|
0.076
|
0.171
|
0.013
|
0.326
|
0.051
|
0.227
|
|
|
(0.198)
|
(0.146)
|
(0.205)
|
(0.264)
|
(0.282)
|
(0.285)
|
|
Socbenefit
|
0.492***
|
0.481***
|
0.491***
|
0.478***
|
0.554***
|
0.438***
|
|
|
(0.063)
|
(0.062)
|
(0.064)
|
(0.066)
|
(0.095)
|
(0.090)
|
|
Envbenefit
|
0.532***
|
0.529***
|
0.533***
|
0.507***
|
0.665***
|
0.393***
|
|
|
(0.057)
|
(0.057)
|
(0.057)
|
(0.059)
|
(0.087)
|
(0.082)
|
|
Partner_NGO
|
−0.085
|
−0.076
|
−0.086
|
−0.051
|
−0.202
|
0.041
|
|
|
(0.096)
|
(0.094)
|
(0.097)
|
(0.099)
|
(0.138)
|
(0.138)
|
|
Partner_Gov
|
−0.153
|
−0.148
|
−0.153
|
−0.187
|
−0.281*
|
−0.011
|
|
|
(0.111)
|
(0.109)
|
(0.112)
|
(0.115)
|
(0.160)
|
(0.159)
|
|
Out
|
−3.785***
|
−4.301***
|
−3.753***
|
−1.551*
|
−4.777***
|
−4.540***
|
|
|
(0.854)
|
(0.638)
|
(0.865)
|
(0.924)
|
(1.396)
|
(1.499)
|
|
first
|
−0.006
|
0.003
|
−0.007
|
0.000
|
−0.060
|
0.025
|
|
|
(0.059)
|
(0.058)
|
(0.059)
|
(0.062)
|
(0.084)
|
(0.085)
|
|
Cost × Effective
|
0.112***
|
0.092***
|
0.112***
|
0.043
|
0.099**
|
0.102**
|
|
|
(0.033)
|
(0.033)
|
(0.034)
|
(0.034)
|
(0.046)
|
(0.050)
|
|
Cost × negpublicity
|
0.081**
|
|
0.085***
|
−0.252***
|
0.008
|
0.082*
|
|
|
(0.032)
|
|
(0.032)
|
(0.046)
|
(0.047)
|
(0.045)
|
|
Effective × negpublicity
|
0.027
|
|
0.035
|
0.006
|
−0.023
|
0.080
|
|
|
(0.063)
|
|
(0.063)
|
(0.095)
|
(0.090)
|
(0.089)
|
|
Out × negpublicity
|
−0.202
|
|
−0.210
|
−0.946***
|
0.067
|
−0.281
|
|
|
(0.212)
|
|
(0.213)
|
(0.303)
|
(0.325)
|
(0.321)
|
|
Cost × firm_large
|
0.025
|
0.009
|
0.025
|
−0.087
|
0.018
|
−0.009
|
|
|
(0.050)
|
(0.049)
|
(0.051)
|
(0.055)
|
(0.071)
|
(0.073)
|
|
Effective × firm_large
|
0.182*
|
0.176*
|
0.178*
|
0.197**
|
0.356***
|
−0.007
|
|
|
(0.095)
|
(0.093)
|
(0.095)
|
(0.100)
|
(0.130)
|
(0.142)
|
|
Out × firm_large
|
0.498
|
0.801**
|
0.528
|
0.442
|
0.316
|
0.787
|
|
|
(0.335)
|
(0.337)
|
(0.337)
|
(0.354)
|
(0.473)
|
(0.538)
|
|
Cost × treatment
|
|
0.033
|
0.046
|
−0.639***
|
|
|
|
|
|
(0.045)
|
(0.047)
|
(0.160)
|
|
|
|
Effective × treatment
|
|
0.077
|
0.102
|
−0.008
|
|
|
|
|
|
(0.085)
|
(0.087)
|
(0.308)
|
|
|
|
Out × treatment
|
|
0.214
|
−0.045
|
−1.072
|
|
|
|
|
|
(0.295)
|
(0.299)
|
(1.036)
|
|
|
|
Cost × TreatxThreatCon
|
|
|
|
0.263***
|
|
|
|
|
|
|
|
(0.069)
|
|
|
|
Effective × TreatxThreatCon
|
|
|
|
0.059
|
|
|
|
|
|
|
|
(0.131)
|
|
|
|
Out × TreatxThreatCon
|
|
|
|
0.467
|
|
|
|
|
|
|
|
(0.446)
|
|
|
|
Num.Obs.
|
7038
|
7074
|
7038
|
7038
|
3456
|
3582
|
|
RMSE
|
0.53
|
0.53
|
0.53
|
0.53
|
0.52
|
0.53
|
|
* p < 0.1, ** p < 0.05, *** p < 0.01
|
Table 1c: firm_large subsamples
Each Table 1 model next to its re-estimate on the
firm_large == 1 subsample (revenue ≥ 50M and ≥ 200
employees).
Table 1c: subsample firm_large = 1
|
|
(1) Harm
|
(1) Harm (large=1)
|
(2) Treatment
|
(2) Treatment (large = 1)
|
(3) Treatment + Harm
|
(3) Treatment + Harm (large = 1)
|
(4) Treatment x Harm (Triple)
|
(4) Treatment x Harm (Triple) (large = 1)
|
(5) Subsample T = 0
|
(5) Subsample T = 0;large = 1)
|
(6) Subsample T = 1
|
(6) Subsample T = 1;large = 1)
|
|
Cost
|
−0.348***
|
−0.600***
|
−0.216***
|
−0.240***
|
−0.374***
|
−0.620***
|
−0.530***
|
0.562***
|
−0.322***
|
−0.583***
|
−0.228**
|
−0.624***
|
|
|
(0.067)
|
(0.104)
|
(0.040)
|
(0.058)
|
(0.066)
|
(0.105)
|
(0.075)
|
(0.113)
|
(0.091)
|
(0.137)
|
(0.094)
|
(0.163)
|
|
Effective
|
−0.020
|
0.531**
|
0.217**
|
0.314**
|
−0.020
|
0.551**
|
0.126
|
0.714**
|
−0.032
|
0.267
|
0.145
|
0.576*
|
|
|
(0.150)
|
(0.231)
|
(0.106)
|
(0.154)
|
(0.154)
|
(0.239)
|
(0.196)
|
(0.294)
|
(0.209)
|
(0.304)
|
(0.212)
|
(0.347)
|
|
Socbenefit
|
0.470***
|
0.541***
|
0.467***
|
0.504***
|
0.465***
|
0.541***
|
0.472***
|
0.482***
|
0.450***
|
0.548***
|
0.488***
|
0.481***
|
|
|
(0.050)
|
(0.083)
|
(0.052)
|
(0.078)
|
(0.051)
|
(0.083)
|
(0.053)
|
(0.079)
|
(0.072)
|
(0.112)
|
(0.074)
|
(0.119)
|
|
Envbenefit
|
0.502***
|
0.532***
|
0.490***
|
0.499***
|
0.503***
|
0.533***
|
0.502***
|
0.475***
|
0.603***
|
0.678***
|
0.366***
|
0.391***
|
|
|
(0.046)
|
(0.071)
|
(0.045)
|
(0.066)
|
(0.045)
|
(0.071)
|
(0.046)
|
(0.068)
|
(0.066)
|
(0.100)
|
(0.062)
|
(0.105)
|
|
Partner_NGO
|
−0.053
|
−0.208*
|
−0.047
|
−0.179
|
−0.048
|
−0.208*
|
−0.052
|
−0.152
|
−0.110
|
−0.414**
|
0.008
|
0.034
|
|
|
(0.078)
|
(0.119)
|
(0.077)
|
(0.112)
|
(0.077)
|
(0.120)
|
(0.079)
|
(0.115)
|
(0.107)
|
(0.161)
|
(0.110)
|
(0.175)
|
|
Partner_Gov
|
−0.018
|
−0.207
|
−0.017
|
−0.153
|
−0.013
|
−0.209
|
−0.019
|
−0.205
|
−0.032
|
−0.416**
|
−0.003
|
0.053
|
|
|
(0.090)
|
(0.138)
|
(0.089)
|
(0.131)
|
(0.090)
|
(0.138)
|
(0.092)
|
(0.135)
|
(0.126)
|
(0.192)
|
(0.127)
|
(0.200)
|
|
Out
|
−4.066***
|
−2.357***
|
−3.831***
|
−3.305***
|
−4.010***
|
−2.243***
|
−5.110***
|
−0.723
|
−4.644***
|
−2.904***
|
−3.633***
|
−1.385
|
|
|
(0.636)
|
(0.718)
|
(0.470)
|
(0.590)
|
(0.621)
|
(0.753)
|
(0.742)
|
(0.986)
|
(0.958)
|
(1.102)
|
(0.898)
|
(0.948)
|
|
first
|
0.016
|
0.026
|
0.022
|
−0.001
|
0.017
|
0.027
|
0.018
|
0.011
|
0.025
|
−0.016
|
0.000
|
0.061
|
|
|
(0.048)
|
(0.074)
|
(0.047)
|
(0.070)
|
(0.048)
|
(0.075)
|
(0.049)
|
(0.073)
|
(0.066)
|
(0.102)
|
(0.068)
|
(0.111)
|
|
Cost × Effective
|
0.106***
|
0.142***
|
0.087***
|
0.119***
|
0.104***
|
0.140***
|
0.102***
|
0.070*
|
0.120***
|
0.187***
|
0.066*
|
0.128**
|
|
|
(0.027)
|
(0.041)
|
(0.027)
|
(0.040)
|
(0.027)
|
(0.042)
|
(0.028)
|
(0.040)
|
(0.037)
|
(0.056)
|
(0.038)
|
(0.064)
|
|
Cost × negpublicity
|
0.060**
|
0.145***
|
|
|
0.057**
|
0.144***
|
0.126***
|
−0.293***
|
0.031
|
0.114**
|
0.041
|
0.168***
|
|
|
(0.026)
|
(0.040)
|
|
|
(0.025)
|
(0.040)
|
(0.032)
|
(0.053)
|
(0.036)
|
(0.053)
|
(0.036)
|
(0.059)
|
|
Effective × negpublicity
|
0.111**
|
−0.127*
|
|
|
0.090*
|
−0.130*
|
0.034
|
−0.104
|
0.062
|
−0.097
|
0.129*
|
−0.098
|
|
|
(0.051)
|
(0.077)
|
|
|
(0.050)
|
(0.077)
|
(0.073)
|
(0.109)
|
(0.072)
|
(0.103)
|
(0.070)
|
(0.113)
|
|
Out × negpublicity
|
0.011
|
−0.427*
|
|
|
0.051
|
−0.472*
|
0.624***
|
−1.052***
|
0.287
|
−0.033
|
−0.175
|
−0.795**
|
|
|
(0.168)
|
(0.240)
|
|
|
(0.167)
|
(0.244)
|
(0.236)
|
(0.332)
|
(0.247)
|
(0.327)
|
(0.233)
|
(0.361)
|
|
Cost × treatment
|
|
|
0.060
|
0.023
|
0.079**
|
0.044
|
0.405***
|
−0.913***
|
|
|
|
|
|
|
|
|
(0.037)
|
(0.054)
|
(0.038)
|
(0.060)
|
(0.115)
|
(0.192)
|
|
|
|
|
|
Effective × treatment
|
|
|
0.131*
|
−0.032
|
0.116*
|
−0.009
|
−0.111
|
0.022
|
|
|
|
|
|
|
|
|
(0.070)
|
(0.101)
|
(0.070)
|
(0.107)
|
(0.237)
|
(0.355)
|
|
|
|
|
|
Out × treatment
|
|
|
0.198
|
0.078
|
0.158
|
−0.066
|
1.809**
|
−1.002
|
|
|
|
|
|
|
|
|
(0.238)
|
(0.345)
|
(0.242)
|
(0.361)
|
(0.788)
|
(1.163)
|
|
|
|
|
|
Cost × TreatxThreatCon
|
|
|
|
|
|
|
−0.146***
|
0.378***
|
|
|
|
|
|
|
|
|
|
|
|
|
(0.051)
|
(0.083)
|
|
|
|
|
|
Effective × TreatxThreatCon
|
|
|
|
|
|
|
0.103
|
−0.013
|
|
|
|
|
|
|
|
|
|
|
|
|
(0.103)
|
(0.150)
|
|
|
|
|
|
Out × TreatxThreatCon
|
|
|
|
|
|
|
−0.834**
|
0.302
|
|
|
|
|
|
|
|
|
|
|
|
|
(0.336)
|
(0.502)
|
|
|
|
|
|
Num.Obs.
|
10314
|
4896
|
10368
|
4896
|
10314
|
4896
|
10314
|
4896
|
5202
|
2358
|
5112
|
2538
|
|
RMSE
|
0.54
|
0.53
|
0.54
|
0.53
|
0.54
|
0.53
|
0.54
|
0.53
|
0.54
|
0.52
|
0.53
|
0.54
|
|
* p < 0.1, ** p < 0.05, *** p < 0.01
|
Table 1d: emission interactions
Table 1 with ef_high × attribute interactions.
ef_high = 1 when the firm’s sector emission factor exceeds
0.20 kg CO2e per USD (257 respondents), 0 below (290); NA for 29 who
skipped the industry question and are dropped. See the sector reference
at the end of this document.
Table 1d: ef_high x attribute interactions
|
|
(1) Harm
|
(2) Treatment
|
(3) Treatment + Harm
|
(4) Treatment x Harm (Triple interaction)
|
(5) Subsample (T = 0)
|
(6) Subsample (T = 1)
|
|
Cost
|
−0.434***
|
−0.278***
|
−0.485***
|
−0.591***
|
−0.329***
|
−0.397***
|
|
|
(0.070)
|
(0.045)
|
(0.072)
|
(0.079)
|
(0.101)
|
(0.099)
|
|
Effective
|
0.063
|
0.210*
|
0.009
|
0.123
|
0.051
|
0.048
|
|
|
(0.157)
|
(0.112)
|
(0.164)
|
(0.208)
|
(0.224)
|
(0.224)
|
|
Socbenefit
|
0.459***
|
0.459***
|
0.458***
|
0.456***
|
0.449***
|
0.485***
|
|
|
(0.052)
|
(0.051)
|
(0.052)
|
(0.052)
|
(0.074)
|
(0.076)
|
|
Envbenefit
|
0.489***
|
0.485***
|
0.490***
|
0.490***
|
0.597***
|
0.377***
|
|
|
(0.046)
|
(0.045)
|
(0.046)
|
(0.047)
|
(0.069)
|
(0.063)
|
|
Partner_NGO
|
−0.039
|
−0.037
|
−0.038
|
−0.036
|
−0.083
|
−0.002
|
|
|
(0.079)
|
(0.077)
|
(0.080)
|
(0.081)
|
(0.111)
|
(0.114)
|
|
Partner_Gov
|
−0.016
|
−0.006
|
−0.017
|
−0.024
|
−0.023
|
−0.012
|
|
|
(0.092)
|
(0.091)
|
(0.093)
|
(0.094)
|
(0.131)
|
(0.131)
|
|
Out
|
−3.684***
|
−3.913***
|
−3.707***
|
−4.768***
|
−4.368***
|
−3.627***
|
|
|
(0.703)
|
(0.487)
|
(0.709)
|
(0.858)
|
(1.109)
|
(0.964)
|
|
first
|
0.042
|
0.045
|
0.043
|
0.043
|
0.062
|
0.011
|
|
|
(0.049)
|
(0.048)
|
(0.049)
|
(0.050)
|
(0.068)
|
(0.070)
|
|
Cost × Effective
|
0.100***
|
0.089***
|
0.097***
|
0.089***
|
0.109***
|
0.082**
|
|
|
(0.027)
|
(0.027)
|
(0.027)
|
(0.028)
|
(0.039)
|
(0.040)
|
|
Cost × negpublicity
|
0.078***
|
|
0.079***
|
0.135***
|
0.014
|
0.087**
|
|
|
(0.026)
|
|
(0.026)
|
(0.033)
|
(0.038)
|
(0.037)
|
|
Effective × negpublicity
|
0.086*
|
|
0.089*
|
0.052
|
0.047
|
0.138*
|
|
|
(0.052)
|
|
(0.052)
|
(0.077)
|
(0.075)
|
(0.073)
|
|
Out × negpublicity
|
−0.073
|
|
−0.106
|
0.393
|
0.101
|
−0.137
|
|
|
(0.173)
|
|
(0.173)
|
(0.256)
|
(0.274)
|
(0.240)
|
|
Cost × ef_high
|
0.123***
|
0.107***
|
0.129***
|
0.118***
|
0.124**
|
0.109*
|
|
|
(0.040)
|
(0.039)
|
(0.041)
|
(0.042)
|
(0.055)
|
(0.058)
|
|
Effective × ef_high
|
0.009
|
0.007
|
0.021
|
0.031
|
0.015
|
0.034
|
|
|
(0.072)
|
(0.072)
|
(0.073)
|
(0.074)
|
(0.101)
|
(0.106)
|
|
Out × ef_high
|
0.148
|
0.157
|
0.142
|
0.029
|
0.093
|
0.183
|
|
|
(0.251)
|
(0.247)
|
(0.253)
|
(0.256)
|
(0.350)
|
(0.371)
|
|
Cost × treatment
|
|
0.080**
|
0.097**
|
0.387***
|
|
|
|
|
|
(0.038)
|
(0.040)
|
(0.118)
|
|
|
|
Effective × treatment
|
|
0.120*
|
0.107
|
−0.059
|
|
|
|
|
|
(0.071)
|
(0.073)
|
(0.246)
|
|
|
|
Out × treatment
|
|
0.118
|
0.189
|
2.363***
|
|
|
|
|
|
(0.246)
|
(0.251)
|
(0.840)
|
|
|
|
Cost × TreatxThreatCon
|
|
|
|
−0.134***
|
|
|
|
|
|
|
|
(0.052)
|
|
|
|
Effective × TreatxThreatCon
|
|
|
|
0.078
|
|
|
|
|
|
|
|
(0.106)
|
|
|
|
Out × TreatxThreatCon
|
|
|
|
−0.995***
|
|
|
|
|
|
|
|
(0.357)
|
|
|
|
Num.Obs.
|
9990
|
10044
|
9990
|
9990
|
4986
|
5004
|
|
RMSE
|
0.54
|
0.54
|
0.54
|
0.54
|
0.54
|
0.54
|
|
* p < 0.1, ** p < 0.05, *** p < 0.01
|
Table 2: Heterogeneity
Table 2
Table 2: Heterogeneity climate actions (table currently in paper)
|
|
(1) Climate actions
|
(2) T = 0
|
(3) T = 1
|
|
Cost
|
−0.398***
|
−0.516***
|
−0.296***
|
|
|
(0.056)
|
(0.079)
|
(0.083)
|
|
Effective
|
0.108
|
−0.133
|
0.342*
|
|
|
(0.129)
|
(0.177)
|
(0.197)
|
|
Socbenefit
|
0.475***
|
0.458***
|
0.486***
|
|
|
(0.052)
|
(0.074)
|
(0.075)
|
|
Envbenefit
|
0.503***
|
0.617***
|
0.386***
|
|
|
(0.046)
|
(0.068)
|
(0.063)
|
|
Partner_NGO
|
−0.049
|
−0.104
|
0.015
|
|
|
(0.077)
|
(0.110)
|
(0.111)
|
|
Partner_Gov
|
−0.023
|
−0.023
|
0.007
|
|
|
(0.090)
|
(0.130)
|
(0.128)
|
|
Out
|
−2.629***
|
−3.186***
|
−1.707***
|
|
|
(0.428)
|
(0.637)
|
(0.574)
|
|
first
|
0.029
|
0.032
|
0.002
|
|
|
(0.048)
|
(0.069)
|
(0.069)
|
|
Cost × Effective
|
0.100***
|
0.127***
|
0.082**
|
|
|
(0.027)
|
(0.038)
|
(0.039)
|
|
Cost × count_climate_actions
|
0.066***
|
0.090***
|
0.045**
|
|
|
(0.015)
|
(0.021)
|
(0.022)
|
|
Effective × count_climate_actions
|
0.049*
|
0.086**
|
0.008
|
|
|
(0.028)
|
(0.039)
|
(0.043)
|
|
Out × count_climate_actions
|
−0.342***
|
−0.248**
|
−0.585***
|
|
|
(0.092)
|
(0.123)
|
(0.146)
|
|
Num.Obs.
|
10368
|
5220
|
5148
|
|
RMSE
|
0.53
|
0.53
|
0.53
|
|
* p < 0.1, ** p < 0.05, *** p < 0.01
|
Table 2b: firm_large interactions
Table 2 specifications with firm_large × attribute
interactions
Table 2b: firm_large x attribute interactions
|
|
(1) Climate actions
|
(2) T = 0
|
(3) T = 1
|
|
Cost
|
−0.455***
|
−0.457***
|
−0.355***
|
|
|
(0.077)
|
(0.103)
|
(0.118)
|
|
Effective
|
−0.120
|
−0.554**
|
0.445
|
|
|
(0.177)
|
(0.239)
|
(0.279)
|
|
Socbenefit
|
0.531***
|
0.610***
|
0.464***
|
|
|
(0.110)
|
(0.156)
|
(0.155)
|
|
Envbenefit
|
0.621***
|
0.679***
|
0.519***
|
|
|
(0.096)
|
(0.134)
|
(0.138)
|
|
Partner_NGO
|
0.102
|
0.161
|
−0.008
|
|
|
(0.180)
|
(0.256)
|
(0.255)
|
|
Partner_Gov
|
−0.117
|
0.030
|
−0.311
|
|
|
(0.205)
|
(0.288)
|
(0.298)
|
|
Out
|
−2.504***
|
−2.859***
|
−2.503***
|
|
|
(0.560)
|
(0.854)
|
(0.867)
|
|
first
|
0.002
|
−0.052
|
0.041
|
|
|
(0.060)
|
(0.084)
|
(0.086)
|
|
Cost × Effective
|
0.120***
|
0.116**
|
0.110**
|
|
|
(0.034)
|
(0.046)
|
(0.050)
|
|
Cost × count_climate_actions
|
0.075***
|
0.077***
|
0.051*
|
|
|
(0.020)
|
(0.027)
|
(0.029)
|
|
Effective × count_climate_actions
|
0.098**
|
0.195***
|
−0.030
|
|
|
(0.038)
|
(0.052)
|
(0.060)
|
|
Out × count_climate_actions
|
−0.371***
|
−0.285*
|
−0.631***
|
|
|
(0.118)
|
(0.170)
|
(0.190)
|
|
Cost × firm_large
|
0.016
|
0.021
|
−0.011
|
|
|
(0.054)
|
(0.075)
|
(0.077)
|
|
Effective × firm_large
|
0.123
|
0.273**
|
0.018
|
|
|
(0.098)
|
(0.133)
|
(0.147)
|
|
Socbenefit × firm_large
|
−0.057
|
−0.078
|
−0.000
|
|
|
(0.128)
|
(0.183)
|
(0.182)
|
|
Envbenefit × firm_large
|
−0.104
|
−0.022
|
−0.149
|
|
|
(0.107)
|
(0.150)
|
(0.153)
|
|
Partner_NGO × firm_large
|
−0.276
|
−0.558*
|
0.019
|
|
|
(0.213)
|
(0.303)
|
(0.301)
|
|
Partner_Gov × firm_large
|
−0.055
|
−0.479
|
0.385
|
|
|
(0.243)
|
(0.346)
|
(0.351)
|
|
Out × firm_large
|
0.651*
|
0.152
|
1.355**
|
|
|
(0.385)
|
(0.550)
|
(0.573)
|
|
Num.Obs.
|
7074
|
3456
|
3618
|
|
RMSE
|
0.53
|
0.52
|
0.52
|
|
* p < 0.1, ** p < 0.05, *** p < 0.01
|
Table 2c: all vs firm_large = 1 subsample
Each Table 2 specification next to its re-estimate on
firm_large == 1
Table 2c: subsample firm_large = 1
|
|
(1) Climate actions
|
(1) Climate actions (large = 1)
|
(2) T = 0
|
(2) T = 0 (firm_large = 1)
|
(3) T = 1
|
(3) T = 1 (firm_large = 1)
|
|
Cost
|
−0.398***
|
−0.439***
|
−0.516***
|
−0.590***
|
−0.296***
|
−0.246*
|
|
|
(0.056)
|
(0.088)
|
(0.079)
|
(0.126)
|
(0.083)
|
(0.140)
|
|
Effective
|
0.108
|
−0.016
|
−0.133
|
−0.374
|
0.342*
|
0.423
|
|
|
(0.129)
|
(0.200)
|
(0.177)
|
(0.269)
|
(0.197)
|
(0.335)
|
|
Socbenefit
|
0.475***
|
0.528***
|
0.458***
|
0.550***
|
0.486***
|
0.482***
|
|
|
(0.052)
|
(0.081)
|
(0.074)
|
(0.115)
|
(0.075)
|
(0.116)
|
|
Envbenefit
|
0.503***
|
0.528***
|
0.617***
|
0.683***
|
0.386***
|
0.367***
|
|
|
(0.046)
|
(0.068)
|
(0.068)
|
(0.104)
|
(0.063)
|
(0.096)
|
|
Partner_NGO
|
−0.049
|
−0.207*
|
−0.104
|
−0.421**
|
0.015
|
0.015
|
|
|
(0.077)
|
(0.114)
|
(0.110)
|
(0.164)
|
(0.111)
|
(0.164)
|
|
Partner_Gov
|
−0.023
|
−0.185
|
−0.023
|
−0.423**
|
0.007
|
0.058
|
|
|
(0.090)
|
(0.134)
|
(0.130)
|
(0.194)
|
(0.128)
|
(0.190)
|
|
Out
|
−2.629***
|
−1.177**
|
−3.186***
|
−2.124***
|
−1.707***
|
0.318
|
|
|
(0.428)
|
(0.488)
|
(0.637)
|
(0.760)
|
(0.574)
|
(0.734)
|
|
first
|
0.029
|
0.010
|
0.032
|
−0.031
|
0.002
|
0.052
|
|
|
(0.048)
|
(0.072)
|
(0.069)
|
(0.104)
|
(0.069)
|
(0.103)
|
|
Cost × Effective
|
0.100***
|
0.142***
|
0.127***
|
0.191***
|
0.082**
|
0.094
|
|
|
(0.027)
|
(0.040)
|
(0.038)
|
(0.056)
|
(0.039)
|
(0.060)
|
|
Cost × count_climate_actions
|
0.066***
|
0.055**
|
0.090***
|
0.090***
|
0.045**
|
0.014
|
|
|
(0.015)
|
(0.023)
|
(0.021)
|
(0.034)
|
(0.022)
|
(0.035)
|
|
Effective × count_climate_actions
|
0.049*
|
0.074
|
0.086**
|
0.137**
|
0.008
|
−0.012
|
|
|
(0.028)
|
(0.046)
|
(0.039)
|
(0.064)
|
(0.043)
|
(0.074)
|
|
Out × count_climate_actions
|
−0.342***
|
−0.587***
|
−0.248**
|
−0.359*
|
−0.585***
|
−0.968***
|
|
|
(0.092)
|
(0.142)
|
(0.123)
|
(0.192)
|
(0.146)
|
(0.232)
|
|
Num.Obs.
|
10368
|
4896
|
5220
|
2358
|
5148
|
2538
|
|
RMSE
|
0.53
|
0.53
|
0.53
|
0.52
|
0.53
|
0.53
|
|
* p < 0.1, ** p < 0.05, *** p < 0.01
|