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
R2
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.