Table 13 Moderating effect of environmental protection subsidy.

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

−0.093***

−0.110***

    
 

(−2.76)

(−3.04)

    

P_Media_z

  

−0.083***

−0.114***

  
   

(−2.64)

(−3.34)

  

N_Media_z

    

−0.089***

−0.087***

     

(−2.92)

(−2.69)

Subsidy_z

−0.079***

−0.073***

−0.083***

−0.073***

−0.080***

−0.076***

 

(−3.05)

(−2.71)

(−3.21)

(−2.77)

(−3.09)

(−2.85)

MS

0.021

0.018

    
 

(0.70)

(0.61)

    

MPS

  

0.025

0.025

  
   

(0.94)

(0.94)

  

MNS

    

0.021

0.015

     

(0.80)

(0.60)

Constant

−3.663***

−3.536***

−3.665***

−3.528***

−3.666***

−3.515***

 

(−152.41)

(−9.45)

(−152.25)

(−9.45)

(−153.94)

(−9.38)

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

2313

2308

2313

2308

2313

2308

R-squared

0.038

0.075

0.037

0.076

0.038

0.074

Adj R-squared

0.029

0.062

0.029

0.063

0.029

0.061

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