labor, and business-government relations. It also collects basic information on the firm, including age, size, and geographic coordinates.

Notably, the most recent Enterprise Surveys included a new Green Economy module. This unique module gathered information on key aspects of firm behavior related to the environment and climate change, including green management practices and green investments. In most economies, the response rate for the Green Economy module was over 95%. We thus have a representative snapshot—stratified by sector, firm size, and region—of firms’ green credentials in each of these countries.

We obtain data on our dependent variables, number and type of climate mitigation measures, as well as green management practices, credit constraints and firm-level controls from the Enterprise Surveys. We discuss these in more detail in the next subsection.

# _Bank-level data: Banking Environment and Performance Survey and Bureau van Dijk’s ORBIS database_

The geographical coordinates of 137,407 branches, operated by 1,788 banks across the countries in our sample, were collected by specialized consultants as part of the second round of the EBRD Banking Environment and Performance Survey (BEPS II). Data collection took place by contacting banks or by downloading data from bank websites. All information was double-checked with the banks as well as with the SNL Financial database. The 1,788 banks represented more than 95% of all bank assets in these 30 countries in 2013, so we have a near complete bank branch footprint. For each branch, we know the bank it belongs to. We merge this information with bank balance sheet information from Bureau van Dijk’s (BvD) ORBIS database. We download information about each bank’s pre-financial crisis assets in 2007.

# Variables

# _Dependent variable: Climate mitigation measures_

The Enterprise Surveys asked firms whether they adopted any of the ten different, potentially green, measures over the three years prior to the survey. The list included: machinery and equipment upgrades; vehicle upgrades; more climate-friendly energy generation on-site; heating and cooling improvements; waste minimization, recycling and waste management; energy management; water management; air pollution control measures; improvements to lighting systems; and other pollution control measures.

Some of these measures, such as machinery and equipment upgrades, vehicle upgrades, on-site generation of green energy and waste minimization, recycling and waste management, are capitalintensive and relate to production processes. In other words, they require large amounts of investment. Others, such as heating and cooling improvements, energy management, measures controlling air pollution, water management, lighting improvements and measures controlling other pollution, are – in comparison – less capital-intensive.

In our sample, 70% of firms have adopted at least one such measure. At the same time, 30% of respondent firms have not adopted any of them, whether capital-intensive or not, over the three years prior to the survey, while 46.1% of firms adopted both capital- and non-capital-intensive measures. These patterns vary across regions and economies within regions. In ECA, 26.9% of firms made no green investments, 10