Table 4 Baseline test results of the effect of environmental regulation on enterprise investment inefficiency.

Fee

−0.014^**

−0.013^*

(−2.05)

(−1.92)

Subsidy

−0.044^***

−0.041^***

(−3.95)

(−3.46)

Profitability

−0.209

−0.759

(−0.18)

(−0.91)

M_Expense

0.842

0.867

(1.11)

(1.50)

Growth

0.396^***

0.373^***

(4.22)

(5.27)

Cashflow

0.152

0.410

(0.29)

(1.01)

Return

−0.143

−0.274

(−0.31)

(−0.82)

Capital

3.299^***

3.029^***

(4.79)

(5.18)

Top5

0.155

0.280^*

(0.79)

(1.82)

M_Share

0.001

0.003

(0.40)

(1.30)

Board

−0.340^**

−0.120

(−2.49)

(−1.09)

Loss

0.073

−0.047

(0.64)

(−0.48)

Dual

−0.159^*

0.066

(−1.82)

(1.05)

FirmAge

−0.259^**

−0.151^*

(−2.43)

(−1.75)

Constant

−3.466^***

−2.351^***

−3.078^***

−2.857^***

(−33.05)

(−5.11)

(−20.05)

(−7.56)

Industry FE

YES

YES

YES

YES

Year FE

YES

YES

YES

YES

N

1507

1501

2313

2308

R-squared

0.045

0.093

0.034

0.071

Adj R-squared

0.036

0.077

0.027

0.059