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

Table 8

Regression coefficient tables.

Variable	(1)	(2)	(3)
ER	0.079^∗∗ (2.565)		0.160^∗∗∗ (3.315)
Rotation		0.020^∗∗∗ (3.485)	0.014^∗∗ (2.397)
Rotation^2		−0.140^∗∗∗ (−14.370)	−0.150^∗∗∗ (−14.106)
Rotation ∗ ER			−0.175^∗ (−1.682)
Rotation^2 ∗ ER			−0.612^∗∗∗ (−2.778)
Size	−0.010^∗∗∗ (−2.958)	−0.009^∗∗∗ (−2.684)	−0.009^∗∗∗ (−2.764)
Roe	−0.084^∗∗∗ (−2.636)	−0.087^∗∗∗ (−2.724)	−0.085^∗∗∗ (−2.651)
Top1	−0.002^∗∗∗ (−11.365)	−0.003^∗∗∗ (−12.071)	−0.003^∗∗∗ (−12.075)
Age	−0.002^∗∗∗ (−4.345)	−0.002^∗∗∗ (−4.179)	−0.002^∗∗∗ (−4.133)
Debt	−0.438^∗∗∗ (−22.049)	−0.443^∗∗∗ (−22.379)	−0.442^∗∗∗ (−22.314)
_cons	0.283^∗∗∗ (3.808)	0.319^∗∗∗ (4.306)	0.321^∗∗∗ (4.316)
N	34,074	34,074	34,074
F	277.339	276.921	247.730
R^2	0.163	0.168	0.169

Note: t statistics in parentheses; , , and .