Table 16 Heterogeneity of pollutant type.

lnGI

− 0.025*

− 0.030**

− 0.005

− 0.038***

(− 1.91)

(− 2.41)

(− 0.36)

(− 3.04)

Size

− 0.078***

− 0.048*

− 0.094***

− 0.035

(− 2.82)

(− 1.70)

(− 3.29)

(− 1.37)

Age

0.359***

0.252***

0.241***

0.318***

(5.92)

(4.24)

(4.06)

(5.22)

ROA

− 0.268*

− 0.463***

− 0.443***

− 0.413***

(− 1.73)

(− 3.05)

(− 2.85)

(− 2.62)

Lev

0.376**

0.404***

0.405***

0.337**

(2.55)

(2.78)

(2.84)

(2.41)

Growth

0.010

0.003

0.009

0.018

(0.98)

(0.26)

(0.84)

(1.64)

CashFlow

0.211*

0.148

0.174

0.257**

(1.77)

(1.22)

(1.39)

(2.06)

BM

− 0.054***

− 0.074***

− 0.035**

− 0.089***

(− 3.37)

(− 4.49)

(− 2.25)

(− 5.31)

Intan

− 0.184

− 0.060

− 0.025

0.170

(− 0.58)

(− 0.21)

(− 0.08)

(0.61)

SOE

0.101*

0.090

0.016

0.138**

(1.78)

(1.47)

(0.29)

(2.18)

Indep

− 0.002

− 0.002

− 0.004

− 0.002

(− 0.54)

(− 0.77)

(− 1.52)

(− 0.53)

Dual

0.020

− 0.031

− 0.002

0.007

(0.78)

(− 1.15)

(− 0.08)

(0.27)

Inst

− 0.002**

− 0.001

− 0.002

− 0.002*

(− 2.02)

(− 0.63)

(− 1.54)

(− 1.75)

Board

− 0.132

− 0.046

− 0.123

− 0.080

(− 1.21)

(− 0.43)

(− 1.21)

(− 0.73)

Top1

0.001

− 0.000

0.000

0.002*

(0.70)

(− 0.18)

(0.10)

(1.90)

Salary

0.025

0.045***

0.019

0.034*

(1.47)

(2.80)

(1.24)

(1.91)

Constant

1.835***

1.076

2.611***

0.721

(2.83)

(1.63)

(3.88)

(1.15)

N

9,146

9,098

9,144

9,108

Firm fixed effect

YES

YES

YES

YES

Year fixed effect

YES

YES

YES

YES

Adjusted-R²

0.562

0.577

0.562

0.567

The p-value of difference in coefficient between groups

0.486

0.036**