Table 5.
Regression results of heterogeneous environmental regulations and green transformation of manufacturing enterprises.
| Variables | (1) |
(2) |
(3) |
|---|---|---|---|
| lnSCORE | lnSCORE | lnSCORE | |
| ER1 | −0.0028*** | ||
| (-2.6290) | |||
| ER2 | 0.3868** | ||
| (2.4518) | |||
| ER3 | 0.2651*** | ||
| (21.9278) | |||
| LR | −0.0171*** | −0.0177*** | −0.0169*** |
| (-4.5929) | (-4.7366) | (-4.7498) | |
| SALE | −0.0130 | −0.0166 | −0.0093 |
| (-0.9549) | (-1.2197) | (-0.7055) | |
| OP | 0.1734*** | 0.1844*** | 0.1473*** |
| (4.1322) | (4.3856) | (3.6855) | |
| AR | −0.0004* | −0.0004* | −0.0004** |
| (-1.9357) | (-1.9543) | (-2.3196) | |
| SIZE | 0.1977*** | 0.1954*** | 0.1939*** |
| (34.3406) | (33.6063) | (34.5427) | |
| DUAL | −0.0675*** | −0.0640*** | −0.0530*** |
| (-5.2577) | (-5.0146) | (-4.3228) | |
| AGE | 0.0114*** | 0.0114*** | 0.0096*** |
| (9.3288) | (9.2706) | (8.1481) | |
| BIG4 | 0.0744*** | 0.0801*** | 0.0816*** |
| (3.4083) | (3.6840) | (3.8401) | |
| _cons | −2.3782*** | −2.3770*** | −2.2924*** |
| (-7.4811) | (-7.2953) | (-7.2172) | |
| Industry | control | control | control |
| Year | control | control | control |
| N | 5754 | 5754 | 5754 |
| r2_a | 0.4334 | 0.4329 | 0.4876 |