Does Stricter Command-and-Control Environmental Regulation Promote Total Factor Productivity? Evidence from China’s Industrial Enterprises

Table 2

Baseline results.

	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)
Variables	TFP	TFP	TFP	TFP	TFP	TFP	TFP	TFP
ERTIME	0.011	0.012	0.012	0.012	0.011	0.009	0.008	0.009
	(0.002)	(0.003)	(0.003)	(0.003)	(0.002)	(0.002)	(0.003)	(0.003)
KL		−0.178	−0.178	−0.178	−0.194	−0.221	−0.223	−0.222
		(0.008)	(0.008)	(0.008)	(0.008)	(0.006)	(0.006)	(0.006)
EXPORT			0.047	0.047	0.030	0.007	0.006	0.007
			(0.012)	(0.012)	(0.012)	(0.011)	(0.011)	(0.011)
SUBSIDY				−0.494	−0.566	−0.596	−0.594	−0.594
				(0.064)	(0.065)	(0.064)	(0.064)	(0.064)
AGE					0.578	0.490	0.486	0.486
					(0.015)	(0.015)	(0.015)	(0.015)
SIZE						0.295	0.293	0.292
						(0.009)	(0.009)	(0.009)
PGDP							0.183	0.340
							(0.064)	(0.092)
POP								0.193
								(0.078)
Constant	5.180	7.020	7.010	7.010	6.441	4.100	2.391	−0.290
	(0.020)	(0.098)	(0.096)	(0.096)	(0.102)	(0.081)	(0.602)	(1.317)
Firm FE	YES	YES	YES	YES	YES	YES	YES	YES
Year FE	YES	YES	YES	YES	YES	YES	YES	YES
Observations	1,598,855	1,598,855	1,598,855	1,598,855	1,598,855	1,598,855	1,598,855	1,598,855
R-squared	0.149	0.167	0.167	0.167	0.193	0.228	0.229	0.229

Note: standard errors are clustered at the city level, and t statistics are shown in the respective parentheses. ; ; .