Table 4.

The influence of informal environmental regulation intensity.

Variable	PEB			NEB
	(1)	(2)	(3)	(4)	(5)	(6)
	Weak	Medium	Strong	Weak	Medium	Strong
FER	0.019	0.097	0.072	0.143***	0.050	−0.192**
	(0.32)	(0.35)	(0.46)	(2.77)	(0.30)	(-2.10)
FER2	−0.002	−0.003	−0.004	−0.010***	−0.004	0.012**
	(-0.55)	(-0.22)	(-0.42)	(-3.06)	(-0.42)	(2.42)
IER	−0.040	0.170***	0.044	0.018	0.002	0.033*
	(-1.59)	(3.97)	(1.09)	(0.82)	(0.06)	(1.96)
Cons	−0.216	−2.545*	−0.922	−0.931***	−0.402	0.435
	(-0.66)	(-1.72)	(-1.24)	(-3.20)	(-0.44)	(1.05)
Controls	Yes	Yes	Yes	Yes	Yes	Yes
IND & YEAR	Yes	Yes	Yes	Yes	Yes	Yes
N	960	1101	1295	960	1101	1295
Adj_R2	0.115	0.203	0.095	0.321	0.207	0.271

Note: ***p < 0.01, **p < 0.05, *p < 0.1. Figures in parentheses are robust standard errors. All U-shaped and inverted U-shaped curves passed the U test. To limit the length of the table, Controls represents all control variables.