Table 7 Explained variable substitution test.

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

Variables

PM2.5

(1)

PM10

(2)

SO2

(3)

CO

(4)

NO2

(5)

O3

(6)

the establishment of GFRIs

−4.8470***

(−4.2618)

−5.9872***

(−3.7963)

−6.73072***

(−12.489)

−0.0570***

(−3.0556)

−1.1028*

(−1.8393)

−7.6199***

(−3.9157)

Control variables

Y

Y

Y

Y

Y

Y

Fixed effect

Y

Y

Y

Y

Y

Y

Obs

7236

7236

7236

7236

7236

7236

R2

0.6980

0.6675

0.5315

0.5792

0.7353

0.5076

  1. * and *** indicate significance levels at 10% and 1%, respectively.