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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