China’s New Environmental Protection Law and Green Innovation: Evidence from Prefecture-Level Cities

Table 5

Economic mechanism tests.

	(1)	(2)
	SA	SA
Treat × Post	0.0111	0.0139
	(2.4287)	(2.6866)
Treat	0.00450	−0.0107
	(0.6760)	(−1.6419)
Post	−0.0268	−0.0289
	(−5.1176)	(−5.4169)
Size	−0.00540	−0.0079
	(−1.4843)	(−2.2319)
Lev	0.0382	0.0373
	(2.7750)	(2.7273)
Tangi	0.0378	0.0340
	(2.4520)	(2.2324)
ROA	−0.0803	−0.0888
	(−3.0255)	(−3.3643)
Age	−0.6071	−0.6072
	(−70.7974)	(−70.4597)
SOE	−0.0063	−0.0063
	(−2.2639)	(−2.2682)
TOP1	0.0000	0.0000
	(0.3619)	(0.2161)
Duality	0.0102	0.0099
	(3.0259)	(2.9506)
Treat × Post × Ginnovation		−0.0131
		(−1.6726)
Treat × Ginnovation		0.0488
		(3.7273)
Post × Ginnovation		0.0099
		(2.9239)
Ginnovation		0.0021
		(0.4313)
Constant	−1.9688	−1.9114
	(−24.2725)	(−24.2617)
Industry FE	Yes	Yes
Year FE	Yes	Yes
N	23186	23062
R^2	0.766	0.771

Robust standard errors are presented in parentheses. , , and indicate statistical significance at the 10%, 5%, and 1% levels, respectively. All variables are defined in Table 1.