Table 5.
Regression results of the impact of enterprise environmental protection expenditure on enterprise financial performance
| Independent variables | Model 1 | Model 2 Lag one period |
Model 2 Lag two periods |
|---|---|---|---|
| EPI | − 0.0351** | ||
| (− 2.5264) | |||
| EPIi,t−1 | 0.0480*** | ||
| (4.7527) | |||
| EPIi,t−2 | 0.1369*** | ||
| (6.9273) | |||
| SIZE | 0.0014 | 0.0022** | 0.0074*** |
| (1.3305) | (2.3086) | (6.1046) | |
| LEV | 0.0174 | 0.0414 | 0.0347 |
| (1.1827) | (1.3849) | (0.9285) | |
| AGE | 11.7161*** | 26.4910*** | 2.2573 |
| (2.9288) | (4.0944) | (0.6175) | |
| EQU | − 0.0001 | − 0.0003 | − 0.0005 |
| (− 0.2769) | (− 0.4720) | (− 0.7981) | |
| LIQ | 0.0002 | − 0.0015 | − 0.0007 |
| (0.2727) | (− 1.4031) | (− 0.1455) | |
| SOE | − 0.0087 | − 0.0202 | − 0.0132 |
| (− 0.8524) | (− 0.8129) | (− 0.5789) | |
| YEAR | Yes | Yes | Yes |
| N | 1167 | 662 | 426 |
| adj. R2 | 0.468 | 0.356 | 0.530 |
*** Significant at 1%; ** significant at 5%; * significant at 10%