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

Table 9

Regression results of impact of environmental regulation and official communication on enterprises’ innovation capability.

Variable	(1)	(2)	(3)
ER	0.079^∗∗ (2.565)		0.099^∗∗∗ (2.679)
Rotation		0.043^∗∗∗ (7.593)	0.042^∗∗∗ (7.030)
Rotation^2		−0.133^∗∗∗ (−13.137)	−0.137^∗∗∗ (−12.588)
Rotation ∗ ER			−0.008 (−0.089)
Rotation^2 ∗ ER			−0.332^∗ (−1.740)
Size	−0.010^∗∗∗ (−2.958)	−0.009^∗∗∗ (−2.787)	−0.009^∗∗∗ (−2.815)
Roe	−0.084^∗∗∗ (−2.636)	−0.089^∗∗∗ (−2.774)	−0.087^∗∗∗ (−2.739)
Top1	−0.002^∗∗∗ (−11.365)	−0.003^∗∗∗ (−12.034)	−0.003^∗∗∗ (−12.014)
Age	−0.002^∗∗∗ (−4.345)	−0.002^∗∗∗ (−4.087)	−0.002^∗∗∗ (−4.109)
Debt	−0.438^∗∗∗ (−22.049)	−0.438^∗∗∗ (−22.110)	−0.437^∗∗∗ (−22.053)
_cons	0.283^∗∗∗ (3.808)	0.312^∗∗∗ (4.209)	0.309^∗∗∗ (4.151)
N	34074	34074	34074
F	277.339	275.053	245.899
R^2	0.163	0.167	0.168

Note: t statistics in parentheses; , , and .