Table 12 Moderating effect of pollution fee.

From: Assessing the moderating effect of environmental regulation on the process of media reports affecting enterprise investment inefficiency in China

 

(1)

(2)

(3)

(4)

(5)

(6)

 

Invest

Invest

Invest

Invest

Invest

Invest

Media_z

−0.137***

−0.141***

    
 

(−3.32)

(−3.15)

    

P_Media_z

  

−0.121***

−0.145***

  
   

(−3.09)

(−3.38)

  

N_Media_z

    

−0.131***

−0.118***

     

(−3.33)

(−2.87)

Fee_z

−0.018

−0.018

−0.020

−0.016

−0.025

−0.027

 

(−0.60)

(−0.58)

(−0.63)

(−0.53)

(−0.86)

(−0.91)

MF

−0.116***

−0.118***

    
 

(−3.35)

(−3.45)

    

MPF

  

−0.094***

−0.096***

  
   

(−2.82)

(−2.98)

  

MNF

    

−0.125***

−0.128***

     

(−3.83)

(−3.93)

Constant

−3.629***

−2.769***

−3.632***

−2.751***

−3.633***

−2.785***

 

(−128.25)

(−6.04)

(−128.00)

(−6.03)

(−128.86)

(−6.08)

Control variables

NO

YES

NO

YES

NO

YES

Industry FE

YES

YES

YES

YES

YES

YES

Year FE

YES

YES

YES

YES

YES

YES

N

1507

1501

1507

1501

1507

1501

R-squared

0.057

0.105

0.055

0.105

0.060

0.107

Adj R-squared

0.047

0.088

0.045

0.088

0.050

0.090

  1. Note: t statistics in parentheses, ***p < 0.01.
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