The Level of Regional Economic Development, Green Image, and Enterprise Environmental Protection Investment: Empirical Evidence from China
Table 5
Robustness test.
Variables
Use marketization index to measure regional economic development level
Add control variables to the model
NEI
Market
NEI
EI
Market
EI
GIM
0.279 (3.25)
0.571 (8.33)
0.245 (2.81)
0.317 (3.55)
0.584 (8.12)
0.285 (3.15)
Market
0.061 (2.46)
0.054 (2.11)
EPS
−0.161 (−0.98)
0.040 (0.30)
−0.163 (−1.00)
−0.802 (−3.61)
−0.269 (−1.45)
−0.788 (−3.54)
LEV
−0.001 (−0.41)
−0.010 (−4.47)
−0.001 (−0.19)
−0.001 (−0.45)
−0.009 (−3.59)
−0.001 (−0.29)
FLOW
0.552 (1.05)
0.161 (0.38)
0.542 (1.03)
−0.104 (−0.18)
0.048 (0.10)
−0.107 (−0.18)
CASH
0.147 (0.44)
0.831 (3.38)
0.096 (0.29)
−0.070 (−0.20)
0.673 (2.63)
−0.107 (−0.31)
Tobin
−0.009 (−0.21)
−0.120 (−4.06)
−0.001 (−0.03)
0.022 (0.44)
−0.123 (−3.32)
0.028 (0.58)
SIZE
0.870 (23.29)
−0.218 (−7.09)
0.884 (23.47)
0.930 (20.37)
−0.237 (−6.20)
0.942 (20.56)
AGE
−0.064 (−6.53)
0.012 (1.64)
−0.065 (−6.62)
−0.061 (−5.66)
0.012 (1.46)
−0.062 (−5.72)
COST
−0.002 (−0.21)
0.006 (0.68)
−0.003 (−0.24)
SHARE
−0.106 (−1.41)
0.063 (1.06)
−0.109 (−1.46)
ROE
0.018 (3.84)
0.011 (2.82)
0.018 (3.72)
YEAR
Control
Control
Control
Control
Control
Control
Constant
−2.455 (−3.14)
13.001 (20.04)
−3.246 (−3.87)
−3.609 (−3.70)
13.056 (15.97)
−4.312 (−4.23)
N
2,728
2,728
2,728
2,616
2,616
2,616
R2
0.218
0.190
0.220
2,521
2,521
2,521
Adj_R2
0.213
0.185
0.215
0.221
0.187
0.223
F
53.60
42.92
50.55
0.215
0.181
0.217
F(-value)
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
Notes. ,, and represent the significance level of 1%, 5%, and 10% respectively; t value is in parentheses, and results are subject to standard error handling.