Table 8.

Results of heterogeneity analysis of environmental policy uncertainty.

Variables	(1)	(2)	(3)	(4)	(5)	(6)
	High policy uncertainty	Low policy uncertainty	High policy uncertainty	Low policy uncertainty	High policy uncertainty	Low policy uncertainty
	lnSCORE	lnSCORE	lnSCORE	lnSCORE	lnSCORE	lnSCORE
ER1	−0.0045***	−0.0018
	(-2.9385)	(-1.1404)
ER2			0.4945***	0.3629
			(2.7700)	(0.7711)
ER3					0.2706***	0.2619***
					(17.6590)	(13.2469)
_cons	−2.3152***	−2.6502***	−2.3173***	−2.6934***	−2.2700***	−2.5743***
	(-6.9693)	(-11.2630)	(-6.7505)	(-11.5410)	(-6.8060)	(-11.2933)
Controls	control	control	control	control	control	control
Industry	control	control	control	control	control	control
Year	control	control	control	control	control	control
N	3611	2143	3611	2143	3611	2143
r2_a	0.4527	0.4101	0.4512	0.4103	0.5051	0.4627