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

Table 8.

Robustness test results

Independent variables	Model 1	Model 2	Model 3	Model 4	Model 5	Model 6	Model 7	Model 8
EPI	− 0.0358**				− 0.0354**	− 0.0401
	(− 2.3578)				(− 2.3940)	(− 0.8656)
GTI			0.0045*		0.0044	0.0043
			(0.8644)		(0.8387)	(0.7908)
EPI*GTI						0.3127***
						(0.1363)
EPI_i,t−2		0.1318**					0.1151**	0.1890***
		(2.1978)					(2.2007)	(3.2433)
GTI_i,t−2				0.0183**			0.0161	0.0140***
				(1.8220)			(1.6245)	(1.3810)
EPI_i,t−2								0.4203***
*GTI_i,t−2								(2.2287)
SIZE	− 0.0090*	− 0.0036	− 0.0081	0.0128	− 0.0093*	− 0.0093*	0.0100	0.0091
	(− 1.7892)	(− 0.5776)	(− 1.5978)	(1.1061)	(− 1.8173)	(− 1.8154)	(0.8566)	(0.7722)
LEV	0.0527	− 0.2686	0.0513	− 0.1867	0.0519	0.0520	− 0.2323	− 0.2458
	(0.3943)	(− 1.0446)	(0.3807)	(− 0.7335)	(0.3855)	(0.3864)	(− 0.9011)	(− 0.9439)
AGE	53.1648	161.3606***	54.7161	138.6808***	54.3279	54.3133	148.9030***	152.3425***
	(0.5945)	(9.2355)	(0.6077)	(8.0818)	(0.6036)	(0.6032)	(7.8767)	(7.6588)
EQU	− 0.0019	− 0.0020	− 0.0020	− 0.0030	− 0.0019	− 0.0019	− 0.0025	− 0.0020
	(− 0.8790)	(− 0.5853)	(− 0.9126)	(− 0.8827)	(− 0.8870)	(− 0.8803)	(− 0.7712)	(− 0.6240)
LIQ	0.0052	0.0069	0.0052	0.0086	0.0052	0.0052	0.0050	0.0042
	(0.9873)	(0.2218)	(0.9860)	(0.2672)	(0.9864)	(0.9860)	(0.1579)	(0.1327)
SOE	− 0.1676	0.1740***	− 0.1670	0.1768***	− 0.1675	− 0.1676	0.1731***	0.1742***
	(− 0.9924)	(4.3932)	(− 0.9882)	(3.9385)	(− 0.9888)	(− 0.9887)	(3.9847)	(3.9912)
YEAR	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
N	1167	426	1167	426	1167	1167	426	426
adj. R²	0.402	0.596	0.401	0.597	0.401	0.401	0.601	0.602

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