Table 5 Heterogeneity by regional environmental regulation.
Explained variable IT | (1) Encost = 1 | (2) Encost = 0 | (3)Reguflag = 1 | (4)Reguflag = 0 |
|---|---|---|---|---|
L.IT | 0.752*** | 0.675** | 0.052** | 0.866*** |
EP | 0.018** | 0.023 | 0.020** | 0.008** |
Size | 0.727* | 0.479 | 0.315 | 0.587** |
Lnage | -0.230* | -0.017 | 1.688 | 0.035 |
Leverage | -2.270 | 0.689 | -1.421* | 0.105* |
ROA | -20.40** | -4.922 | 0.536 | 0.183 |
Growth | -0.193 | 0.242 | -0.234 | -0.067 |
Duality | -0.108 | 0.116 | 17.34*** | 0.797 |
Board | -0.082 | 0.430 | 0.226 | -0.573 |
Soe | -0.079 | 0.032 | 3.587*** | 0.010 |
Top1 | 0.256 | -0.323 | -6.530 | -0.328 |
TobinQ | 0.848 | 1.301 | -0.080 | 0.156* |
HHI | 0.090 | 7.241 | 3.438 | -1.052 |
_cons | -7.534 | -7.383 | -5.651 | -0.145 |
observation | 14,370 | 8266 | 10,433 | 12,203 |
AR(1) | 0.001 | 0.001 | 0.001 | 0.001 |
AR(2) | 0.422 | 0.800 | 0.108 | 0.270 |
Hansen test | 0.815 | 0.225 | 0.757 | 0.251 |
