Table 2.

Direct effects of environment regulation on industrial structure optimization.

	(1)	(2)	(3)	(4)
	IND	IND	IND	IND
ER_1	1.211***		5.188***
	(3.98)		(8.52)
ER_2		0.016**		0.005
		(2.16)		(0.14)
ER_12			−1.315***
			(-7.53)
ER_22				0.000
				(0.34)
PGDP	0.000***	0.000***	0.000***	0.000***
	(9.09)	(10.56)	(7.67)	(10.56)
SCA	−0.195	−0.144	−0.324	−0.145
	(-0.58)	(-0.43)	(-0.98)	(-0.43)
CRE	0.000***	0.000***	0.000***	0.000***
	(5.86)	(6.16)	(6.32)	(6.16)
OPEN	24.082***	24.245***	22.974***	24.294***
	(4.73)	(4.75)	(4.53)	(4.76)
GOV	−2.376***	−2.717***	−1.743*	−2.716***
	(-2.64)	(-3.03)	(-1.94)	(-3.03)
EDU	0.023***	0.024***	0.023***	0.024***
	(31.32)	(32.66)	(30.68)	(32.66)
TECH	−0.373***	−0.391***	−0.429***	−0.392***
	(-3.78)	(-3.96)	(-4.36)	(-3.97)
PEO	0.005***	0.005***	0.005***	0.005***
	(8.81)	(8.93)	(8.00)	(8.93)
_cons	240.414***	239.073***	240.342***	239.340***
	(106.13)	(105.22)	(106.75)	(99.45)
Provincial FE	Yes	Yes	Yes	Yes
Time FE	Yes	Yes	Yes	Yes
N	4576	4576	4576	4576
R2	0.69	0.69	0.69	0.69

Note: ***, **, * indicate the statistical significance of 1%, 5% and 10% respectively, and t-statistic values are in parentheses, as below.