Nonlinear Effects of Environmental Regulation on Environmental Pollution

Table 2

Fee-based environmental regulation and regression results of environmental pollution measurement.

Method	Traditional dynamic measurement model		Spatial econometric model
Variable	D-GMM(M1)	S-GMM(M2)	Second-order adjacency (M3)	Geographical distance (M4)
LnPOLt-1	0.0301	0.0154	0.1058	0.1158
	(7.8812)	(6.6509)	(11.8802)	(13.6522)
LnENF	0.0311	0.0401	0.0504	0.0471
	(2.0422)	(2.2698)	(2.0433)	(4.2823)
LnENF2	-0.0075	-0.0090	-0.0175	-0.0170
	(-2.2209)	(-2.1809)	(-2.2240)	(-2.1881)
LnSTR	-0.0282	-0.0154	-0.0202	-0.0104
	(-2.2112)	(-1.7846)	(-1.8778)	(-1.9880)
LnFDI	-0.0003	-0.0045	0.0013	0.0045
	(-0.1064)	(-2.1022)	(1.1056)	(1.9009)
LnFIN	0.0626	0.0428	0.0526	0.0405
	(3.3311)	(2.1832)	(2.3360)	(2.1860)
LnRGDP	0.0186	0.0132	0.0116	0.0262
	(2.6901)	(0.6554)	(2.8907)	(2.0243)
CONS	1.4462	2.0371	4.4001	6.0801
	(3.6304)	(8.3354)	(3.7709)	(5.2034)
			0.0882	0.0963
			(2.2620)	(1.9922)
L-likehood			744.0021	752.0418
Adj-R2	0.6520	0.6678	0.7478	0.7953
Sargan	0.0878	0.0982	0.1107	0.0985

Note. , , and respectively represent passing hypothesis tests with significance levels of 1%, 5%, and 10%.