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Table 4 Test for Significance of CAR: Robustness of the Estimation Window

From: Chinese shareholders’ reaction to the disclosure of environmental violations: a CSR perspective

Event Date

Estimation window

Event window

Average

P value

event_date_n

(−180,-30)

(−1,1)

−0.903%

0.041**

event_date_n

(−180,-60)

(−1,1)

−0.849%

0.060*

event_date_n

(−120,-30)

(−1,1)

−1.002%

0.023**

event_date_n

(−60,-30)

(−1,1)

−1.165%

0.009***

event_date_n

(−30,-10)

(−1,1)

−0.820%

0.063*

  1. ***p ≤ 0.01, **p ≤ 0 .05, *p ≤ 0.1, two tailed test