Table 8 IV-2SLS test results of the effect of environmental regulation on enterprise investment inefficiency.

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

 

(1)

(2)

(3)

(4)

 

First stage

Second stage

First stage

Second stage

Variables

Fee

Invest

Subsidy

Invest

L.Fee

0.632***

   
 

(0.021)

   

Fee

 

−0.043***

  
  

(0.011)

  

L.Subsidy

  

0.560***

 
   

(0.020)

 

Subsidy

   

−0.069***

    

(0.025)

Constant

4.025***

−1.456***

4.609***

−2.337***

 

(1.417)

(0.481)

(0.643)

(0.499)

Control variables

YES

YES

YES

YES

N

1355

1355

1694

1694

R-squared

0.426

0.067

0.436

0.028

IV F-stat

 

943.900

 

816.900

Durbin p-value

 

0.015

 

0.020

  1. Note: Robust standard errors in parentheses, ***p < 0.01.
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