Analysis of the Impact of Ecological Governance Capacity on the Enterprise Capital Configuration Efficiency: Mediating Effects Based on Social Responsibility

Table 5

Regression results of ecological governance capacity on the enterprise capital configuration efficiency.

	(1)	(2)	(3)	(4)
	INV	INV	INV	INV
SZ	0.218	0.196	0.565	2.510
	(5.21)	(3.27)	(3.50)	(7.58)
Q			0.009	0.009
			(12.07)	(11.51)
SIZE			0.018	0.017
			(7.27)	(7.05)
CASH			−0.000	−0.000
			(−1.07)	(−0.88)
LEV			0.001	0.006
			(0.11)	(0.61)
AGE			−0.006	−0.020
			(−4.55)	(−8.46)
Constant	−0.107	−0.170	−0.686	−1.782
	(−3.79)	(4.25)	(−6.58)	(−9.11)
Observations	5,950	5,950	5,950	5,950
Number of NAME	850	850	850	850
R-squared	0.005	0.034	0.043	0.064
Corporate effect	Uncontrolled	Control	Uncontrolled	Control
Time effect	Uncontrolled	Control	Uncontrolled	Control
F Test	2.01e − 07	0	0	0
r2_a	−0.161	−0.129	−0.118	−0.0936
F	27.10	29.52	37.83	35.01

10%, 5%, and 1%, observably.