Research on the Impact of Environmental Regulation on Enterprise Innovation from the Perspective of Official Communication

Table 5

Definition of variables.

Variant properties	Variable name	Definition and calculation of variables
Interpretative variables	INNO	Enterprise innovation, calculated by Factor Analysis
	Rotation	Official communication, expressed in the logarithm of the sum of the four central indicators in the official communication network
	Rotation^2	The square of official communication
Explanatory variables	ER	Environmental regulation, calculation method as described above
	Rotation × ER	Interaction term used to measure the regulatory effect of official communication on environmental regulation and enterprise innovation
	Rotation^2 × ER
	Size	Natural logarithm of total assets at year end
	Roe	Net profit/average net assets
Control variables	Top1	Shareholding ratio of largest shareholder
	Age	The age of the enterprise
	Debt	Total end-of-term liabilities/total end-of-term assets