Table 6 Heterogeneity test results of the effect of environmental protection subsidy on enterprise investment inefficiency.
Variables | (1) | (2) | (3) | (4) | (5) | (6) |
|---|---|---|---|---|---|---|
Balance = 1 | Balance = 0 | SOE = 1 | SOE = 0 | INST = 1 | INST = 0 | |
Invest | Invest | Invest | Invest | Invest | Invest | |
Subsidy | −0.065*** | −0.022 | −0.045*** | −0.023 | −0.059*** | −0.008 |
(−3.69) | (−1.35) | (−3.09) | (−1.17) | (−3.76) | (−0.47) | |
Constant | −3.110*** | −2.431*** | −2.954*** | −2.844*** | −3.179*** | −2.537*** |
(−5.72) | (−4.36) | (−5.41) | (−4.65) | (−5.78) | (−4.57) | |
Control variables | YES | YES | YES | YES | YES | YES |
Industry FE | YES | YES | YES | YES | YES | YES |
Year FE | YES | YES | YES | YES | YES | YES |
N | 1057 | 1251 | 1400 | 906 | 1245 | 1062 |
R-squared | 0.100 | 0.066 | 0.064 | 0.085 | 0.089 | 0.079 |
Adj R-squared | 0.076 | 0.043 | 0.046 | 0.055 | 0.069 | 0.053 |
