变量

被解释变量：企业环保投入

法律制度环境 较高组

法律制度环境 较低组

市场化水平 较高组

市场化水平 较低组

经济发展程度 较高组

经济发展程度 较低组

talk

3.097^***

0.378

2.739^***

0.913

2.650^***

1.032

(0.774)

(0.615)

(0.778)

(0.641)

(0.704)

(0.739)

soe

0.730

0.874^**

0.908^**

0.864^*

0.142

1.085^*

(0.736)

(0.346)

(0.439)

(0.445)

(0.494)

(0.565)

size

0.386

0.761^***

0.398^*

0.961^***

0.346

0.971^***

(0.296)

(0.152)

(0.205)

(0.173)

(0.211)

(0.214)

flow

−5.389^*

−0.316

−4.608^**

0.986

−3.754^*

−0.169

(2.769)

(1.718)

(2.327)

(2.129)

(2.215)

(2.312)

age

−0.156^**

0.00586

−0.0513

0.0424

−0.0514

0.0762^**

(0.0655)

(0.0308)

(0.0406)

(0.0400)

(0.0415)

(0.0378)

first

0.0688^***

−0.0251^**

0.0491^***

−0.0354^**

0.0174

−0.0403^**

(0.0208)

(0.0113)

(0.0149)

(0.0148)

(0.0133)

(0.0182)

leve

0.260

−0.441

−0.157

−0.997

−0.187

−1.587

(1.316)

(0.753)

(0.999)

(0.952)

(0.906)

(0.993)

roa

4.110^**

0.475

1.166

1.353

2.481^**

0.347

(1.608)

(0.703)

(0.913)

(1.054)

(1.150)

(0.830)

board

2.482

2.444^***

0.560

2.775^***

1.793^*

2.376^**

(1.557)

(0.801)

(1.033)

(1.008)

(1.066)

(1.103)

cash

−0.0744

0.106

0.172

0.195

0.499^**

0.203

(0.268)

(0.217)

(0.218)

(0.271)

(0.226)

(0.243)

Constant

−8.842

−17.92^***

−10.26^**

−21.48^***

−11.66^**

−24.94^***

(7.022)

(3.667)

(4.096)

(4.156)

(5.464)

(5.104)

观测值

382

690

540

532

536

536

R-squared

0.646

0.450

0.638

0.483

0.584

0.492