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

Table 3

Regression results containing different firm characteristics.

	(1)	(2)	(3)
Variables	TFP	TFP	TFP
ER TIME	0.010	0.026	0.009
	(0.003)	(0.006)	(0.002)
ER TIME AGE	0.006
	(0.001)
ER TIME SIZE		0.002
		(0.001)
ER TIME KL			−0.004
			(0.001)
KL	−0.222	−0.221	−0.222
	(0.006)	(0.006)	(0.006)
EXPORT	0.007	0.006	0.007
	(0.011)	(0.011)	(0.011)
SUBSIDY	−0.594	−0.595	−0.594
	(0.064)	(0.064)	(0.064)
AGE	0.487	0.488	0.486
	(0.016)	(0.015)	(0.015)
SIZE	0.292	0.289	0.292
	(0.009)	(0.009)	(0.009)
PGDP	0.340	0.339	0.340
	(0.092)	(0.093)	(0.092)
POP	0.193	0.190	0.193
	(0.078)	(0.079)	(0.078)
Constant	−0.296	−0.251	−0.290
	(1.313)	(1.324)	(1.317)
Firm FE	YES	YES	YES
Year FE	YES	YES	YES
Observations	1,598,855	1,598,855	1,598,855
R-squared	0.149	0.229	0.229

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