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Table 1.

Descriptive statistics of the variables.

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Table 2.

Descriptive statistics of the main variables.

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Table 3.

Pearson correlation coefficient test.

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Table 4.

Panel unit root test.

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Table 5.

Baseline regression results.

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Table 6.

Regression results for mediating mechanisms.

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Table 7.

Regression results for moderating effects of black and green attributes.

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Table 8.

Regression results for replacing core variables.

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Fig 1.

Placebo test.

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Table 9.

Regression results for adding control variables.

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Table 10.

Regression results of the replacement model.

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Table 11.

2SLS and GMM results for instrumental variables.

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Table 12.

PSM-benchmark regression results.

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