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Table 10 Regression Result −2

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

Variables Model 1–2 Model 2–2 Model 3–2
Coef. P > t Coef. P > t Coef. P > t
Trend 0.393** 0.029 0.478*** 0.009
Media_Att 0.004* 0.051 0.004* 0.056
Pre_Pollution −0.708 0.740 −1.114 0.609
Pre_CSR 1.524** 0.034 1.817** 0.013
Market −0.976 0.302 −1.440 0.137 −1.481 0.120
Industry −0.057* 0.075 −0.068** 0.045 −0.076** 0.023
Size 0.004** 0.050 0.005* 0.011 0.005** 0.024
Ownership 2.096** 0.022 1.908** 0.035 2.416*** 0.008
ROE −0.932 0.394 −1.375 0.218 −1.447 0.187
PE 3.802*** 0.000 1.737 0.109 2.756*** 0.015
cons −7.189*** 0.005 −15.495*** 0.016 −24.098*** 0.001
observations 153 153 153
R2 0.131 0.127 0.172
Adjusted R2 0.083 0.078 0.113
  1. ***p < .0.01, **p < .05, *p < .1, two tailed test