Table 6 Placebo test.

From: Has the establishment of green finance reform and innovation pilot zones improved air quality? Evidence from China

Variables

AQI

Advance the establishment time of the GFRIs by four months

Advance the establishment time of the GFRIs by one year

(1)

(2)

the establishment of

−2.2138

−1.9634

GFRIs

(−1.2673)

(−1.0477)

Control variables

Y

Y

Fixed effect

Y

Y

Obs

7236

7236

R2

0.3048

0.3047