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. 2022 Apr 19;29(40):61247–61264. doi: 10.1007/s11356-022-20143-y

Table 6.

Estimation results of industry heterogeneity

Variable Sub-industry
WRT TWPT ITCSS FIN LCS SRTSGE
lnPJ 0.4215*** (3.14) 0.0046*** (0.03)  − 0.7793*** (− 2.71)  − 0.4201***(− 3.14) 0.6706*** (2.97)  − 0.2504*** (− 0.8)
W*lnPJ  − 0.5879 (− 0.56) 5.2577*** (3.41)  − 1.748* (− 0.6)  − 0.9902 (− 0.79) 0.1056 (0.05)  − 6.9024* (− 1.92)
Control Yes Yes Yes Yes Yes Yes
Time-fixed Yes Yes Yes Yes Yes Yes
City-fixed Yes Yes Yes Yes Yes Yes
ρ 0.838*** (20.24) 0.8269*** (18.84) 0.8373*** (20.16) 0.838*** (20.24) 0.8382*** (20.27) 0.8374*** (20.16)
R2 0.37 0.511 0.25 0.36 0.46 0.38

Z-values are in ()

*Significance at 10% level; ***significance at 1% levels