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Table 9 Regression result −1

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

Variables Model 1–1 Model 2–1 Model 3–1
Coef. P > t Coef. P > t Coef. P > t
Trend 0.409*** 0.010 0.498*** 0.002
Media_Att 0.004** 0.011 0.004** 0.013
Pre_Pollution −1.415 0.457 −1.759 0.358
Pre_CSR 1.606** 0.012 1.880*** 0.004
Market −0.861 0.303 −1.355 0.116 −1.373 0.101
Industry −0.068** 0.018 −0.076** 0.012 −0.084*** 0.005
Size 0.004** 0.025 0.005*** 0.003 0.005*** 0.010
Ownership 1.948** 0.016 1.729** 0.032 2.255*** 0.005
ROE −1.694* 0.083 −2.118** 0.035 −2.204** 0.024
PE 3.370*** 0.000 1.262 0.189 2.321** 0.020
cons −7.371*** 0.001 −15.608*** 0.006 −24.595*** 0.000
observations 151 151 151
R2 0.169 0.157 0.220
Adjusted R2 0.123 0.110 0.165
  1. ***p < .0.01, **p < .05, *p < .1, two tailed test