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Table 5 Test for significance of CAR: Robustness of the event 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,-30)

(−1,2)

−1.082%

0.038**

event_date_n

(−180,-30)

(−2,2)

−1.038%

0.064*

event_date_n

(−180,-30)

(−5,5)

−0.981%

0.255

event_date_n

(−180,-30)

(−10,10)

−0.128%

0.915

  1. Note: In all the four tables above, event_date_n stands for the news disclosure date, and event_date_h stands for event occurrence date
  2. ***p ≤ 0.01, **p ≤ 0 .05, *p ≤ 0.1, two tailed test