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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