Table 8.
Influence of the nature of the control and the industry.
| Variable | PEB |
NEB |
||||||
|---|---|---|---|---|---|---|---|---|
| Ownership |
Industry Characteristics |
Ownership |
Industry Characteristics |
|||||
| (1) |
(2) |
(3) |
(4) |
(5) |
(6) |
(7) |
(8) |
|
| SOEs | NSOEs | Polluting | Non-polluting | SOEs | NSOEs | Polluting | Non-polluting | |
| FER | −0.070 | −0.209*** | −0.114* | −0.224*** | −0.012 | 0.063 | −0.048 | 0.023 |
| (-1.35) | (-3.70) | (-1.89) | (-4.19) | (-0.26) | (1.35) | (-0.80) | (0.83) | |
| FER2 | 0.004 | 0.014*** | 0.008** | 0.013*** | 0.000 | −0.003 | 0.003 | −0.001 |
| (1.39) | (4.33) | (2.17) | (4.35) | (0.01) | (-1.09) | (0.82) | (-0.77) | |
| IER | 0.025*** | 0.016 | 0.019 | 0.018** | −0.056*** | −0.009 | −0.059*** | −0.006** |
| (3.11) | (1.39) | (1.58) | (2.28) | (-8.83) | (-1.03) | (-4.39) | (-2.02) | |
| Cons | −0.416* | 0.722*** | −0.163 | 0.492* | 0.391* | −0.319 | 0.573** | −0.039 |
| (-1.70) | (2.84) | (-0.60) | (1.93) | (1.80) | (-1.62) | (2.19) | (-0.31) | |
| Controls | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| IND & YEAR | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| N | 2090 | 1268 | 955 | 2403 | 2090 | 1268 | 955 | 2403 |
| Adj_R2 | 0.122 | 0.126 | 0.114 | 0.121 | 0.298 | 0.201 | 0.316 | 0.075 |
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.