Research Article
Research on the Impact of Environmental Regulation on Enterprise Innovation from the Perspective of Official Communication
Table 11
Regression results of impact of environmental regulation and official communication on innovation capability of different types of firms.
| | Variable | High-pollution industry enterprises | Low-pollution industry enterprises | | (1) | (2) | (3) | (4) | (5) | (6) |
| | ER | 0.067∗∗ (2.062) | | 0.143∗∗∗ (2.888) | 0.147 (1.601) | | 0.364∗ (1.793) | | Rotation | | 0.014∗∗ (2.513) | 0.010 (1.626) | | 0.054∗∗∗ (2.669) | 0.039∗ (1.726) | | Rotation2 | | −0.144∗∗∗ (−14.342) | −0.152∗∗∗ (−14.044) | | −0.123∗∗∗ (−3.635) | −0.144∗∗∗ (−3.667) | | Rotation ∗ ER | | | −0.139 (−1.333) | | | −0.755 (−1.397) | | Rotation2 ∗ ER | | | −0.568∗∗ (−2.570) | | | −0.867 (−0.902) | | Size | −0.006∗ (−1.689) | −0.005 (−1.512) | −0.005 (−1.582) | −0.045∗∗∗ (−4.021) | −0.041∗∗∗ (−3.653) | −0.042∗∗∗ (−3.727) | | Roe | −0.110∗∗∗ (−3.363) | −0.107∗∗∗ (−3.283) | −0.106∗∗∗ (−3.241) | 0.305∗∗∗ (2.627) | 0.247∗∗ (2.132) | 0.254∗∗ (2.185) | | Top1 | −0.003∗∗∗ (−11.489) | −0.107∗∗∗ (−3.283) | −0.003∗∗∗ (−12.255) | −0.002∗∗∗ (−3.251) | −0.002∗∗∗ (−3.384) | −0.002∗∗∗ (−3.374) | | Age | −0.003∗∗∗ (−6.327) | −0.003∗∗∗ (−6.214) | −0.003∗∗∗ (−6.144) | 0.005∗∗∗ (2.683) | 0.005∗∗∗ (2.775) | 0.005∗∗∗ (2.670) | | Debt | −0.408∗∗∗ (−19.834) | −0.003∗∗∗ (−12.267) | −0.408∗∗∗ (−19.911) | −0.639∗∗∗ (−9.704) | −0.668∗∗∗ (−10.134) | −0.663∗∗∗ (−10.035) | | _cons | 0.013 (0.178) | 0.045 (0.601) | 0.046 (0.622) | 1.012∗∗∗ (4.234) | 0.991∗∗∗ (4.156) | 0.998∗∗∗ (4.171) | | N | 29393 | 29393 | 29393 | 4681 | 4681 | 4681 | | F | 168.736 | 173.560 | 141.632 | 134.110 | 128.884 | 112.231 | | R2 | 0.064 | 0.071 | 0.071 | 0.351 | 0.353 | 0.353 |
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