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Table 3 Test for significance of CAR: Robustness of the event date

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_h

(−180,-30)

(−1,1)

−0.764%

0.081*

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