Institutional Environment and Green Economic Growth in China
Table 3
Effect of the institutional environment on green growth.
GTFP
Model 1
Model 2
Model 3
Model 4
Model 5
GLS
FE
GMM
FE
GMM
L. GTFP
0.6320
0.2933
0.6534
0.3405
(17.45)
(7.91)
(17.38)
(7.29)
INSTIL
0.0447
0.0416
0.0737
0.3364
1.0150
(1.90)
(2.33)
(3.24)
(2.30)
(3.00)
INSTIL2
−0.0245
−0.0782
(−2.03)
(−2.90)
FDI
0.2786
0.3199
−3.3433
0.2761
−4.1805
(0.69)
(1.05)
(−2.49)
(0.90)
(−2.18)
EDU
−0.0004
0.0518
0.1207
0.0472
0.1194
(−0.02)
(3.86)
(5.89)
(3.48)
(5.42)
OPEN
−0.0980
−0.0471
0.0838
−0.0477
0.0689
(−2.31)
(−1.27)
(0.84)
(−1.29)
(0.53)
MARKET
−0.0083
−0.0081
−0.0179
−0.0075
−0.0173
(−0.94)
(−1.19)
(−2.98)
(−1.09)
(−2.29)
RD
−0.4809
−3.4976
−10.6540
−1.8456
−7.8992
(−0.21)
(−1.59)
(−2.51)
(−0.79)
(−2.03)
URBAN
0.1376
0.0902
−0.5194
0.0823
−0.5229
(1.62)
(1.42)
(−3.03)
(1.30)
(−2.75)
IS
0.2277
0.0818
0.3239
0.0743
0.3147
(7.98)
(3.43)
(3.14)
(3.09)
(2.47)
Constant
0.0238
−0.5248
−0.8919
−1.3847
−3.7132
(0.18)
(−5.28)
(−3.84)
(−3.18)
(−3.74)
Observations
510
480
480
480
480
Number of id
30
30
30
30
30
R-squared
0.548
0.579
0.583
AR (1)
−2.38
−2.73
P-AR (1)
[0.017]
[0.006]
AR (2)
0.02
−0.12
P-AR (2)
[0.983]
[0.905]
Hansen
14.84
15.93
P-Hansen
[0.463]
[0.317]
Hausman
7.08
93.46
124.38
P-Hausman
[0.528]
[0.000]
[0.000]
Note. t-statistics are presented in parentheses; values are mentioned in brackets or indicated as , , and ; GLS: generalized least squares regression; FE: fixed effect regression; GMM: generalized method of moments.
