. 2022 Jul 19;29(59):89597–89613. doi: 10.1007/s11356-022-21908-1

Table 7.

Regression results of synergistic impact of enterprise environmental protection expenditure and green technology innovation on enterprise financial performance

Independent variables	Model 5	Model 6	Model 7 Lag one period	Model 8 Lag one period	Model 7 Lag two periods	Model 8 Lag two periods
EPI	− 0.0329**	− 0.0104***
	(− 2.5340)	(− 5.6595)
GTI	0.0023**	0.0314***
	(2.1937)	(0.0979)
EPI*GTI		0.3230***
		(3.3880)
EPI_i,t−1			0.0479***	0.0811**
			(4.6753)	(2.4479)
GTI_i,t−1			0.0001	0.0011
			(0.0574)	(0.8544)
EPI_i,t−1*GTI_i,t−1				− 0.0148
				(− 1.5229)
EPI_i,t−2					0.1556***	0.1412***
					(10.3587)	(8.3201)
GTI_i,t−2					0.0180***	0.0176***
					(16.8612)	(16.5264)
EPI_i,t−2*GTI_i,t−2						0.4923***
						(2.0220)
SIZE	0.0013	0.0014	0.0022	0.0023*	− 0.0078***	− 0.0076***
	(1.1991)	(1.2930)	(1.5773)	(1.6720)	(− 5.4941)	(− 5.4019)
LEV	0.0170	0.0192	0.0413	0.0405	− 0.0059	− 0.0033
	(1.1530)	(1.2915)	(1.3881)	(1.3761)	(− 0.2554)	(− 0.1391)
AGE	12.1887***	11.9571***	26.4892***	26.1923***	16.2053	15.5352
	(3.2179)	(2.9065)	(4.1014)	(4.1458)
EQU	− 0.0001	0.0000	− 0.0003	− 0.0003	0.0001	0.0000
	(− 0.2933)	(0.0244)	(− 0.4705)	(− 0.4551)	(0.4177)	(0.1529)
LIQ	0.0002	0.0002	− 0.0015	− 0.0015	0.0015	0.0016
	(0.2776)	(0.2651)	(− 1.4003)	(− 1.4013)	(0.3258)	(0.3588)
SOE	− 0.0087	− 0.0096	− 0.0202	− 0.0201	− 0.0123	− 0.0125
	(− 0.8794)	(− 0.9060)	(− 0.8109)	(− 0.8299)	(− 0.7054)	(− 0.7171)
YEAR	Yes	Yes	Yes	Yes	Yes	Yes
N	1167	1167	662	662	426	426
adj. R²	0.469	0.501	0.355	0.380	0.772	0.773

*** Significant at 1%; ** significant at 5%; * significant at 10%