Table 8 Mechanism analysis.
Variables | (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) |
|---|---|---|---|---|---|---|---|---|
ER | LP | Fines | LP | AQI | LP | PM | LP | |
CEPI | 0.092*** (16.08) | 0.026*** (2.60) | 0.192** (2.37) | 0.029*** (2.90) | −2.602*** (−10.14) | 0.022** (2.41) | −2.540*** (−11.30) | 0.022** (2.37) |
ER | 0.044** (2.36) | |||||||
Fines | 0.004** (2.10) | |||||||
AQI | −0.001** (−2.17) | |||||||
PM | −0.001** (−2.28) | |||||||
Constant | 0.947*** (14.88) | 16.516*** (83.79) | 0.086 (0.35) | 16.622*** (81.03) | 97.289*** (19.98) | 16.761*** (83.78) | 67.729*** (16.65) | 16.746*** (83.91) |
Sobel Z | 8.889*** | 6.261*** | 8.180*** | 7.714*** | ||||
Controls | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
Year FE | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
Firm FE | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
Observations | 20,545 | 20,545 | 19,888 | 19,888 | 18,772 | 18,772 | 18,772 | 18,772 |
Adj R2 | 0.380 | 0.521 | 0.189 | 0.520 | 0.838 | 0.530 | 0.857 | 0.546 |
