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

Table 7

Heterogeneity analysis.

	(1)	(2)	(3)	(4)
	State-owned enterprises	Non-state-owned enterprises	Pollution category	Nonpolluting
SZ	0.576	0.579	−0.238	0.729
	(3.42)	(1.80)	(−0.73)	(4.01)
Constant	−0.473	−0.876	−0.194	−0.808
	(−4.22)	(−4.21)	(−0.90)	(−6.87)
Control variables	Control	Control	Control	Control
Observations	3,650	2,300	990	4,960
Number of companies	534	339	152	723
R-squared	0.045	0.051	0.050	0.045
Corporate effect	Control	Control	Control	Control
Time effect	Control	Control	Control	Control
F Test	0	0	1.18e − 1607	0
r2_a	−0.120	−0.116	−0.129	−0.119
F	24.58	17.64	7.333	33.46

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