Explanatory variable | (SYS-GMM two step method) | |||
Aggregate investment for industrial treatment/GDP | The investment for treating the industrial waste gas/GDP | Investment for treating the industrial waste water/GDP | Investment for treating the industrial solid wastes/GDP | |
The first order lag of each variable being explained | 0.244*** | 0.166*** | 0.259*** | 0.0500*** |
(0.0540) | (0.0308) | (0.0414) | (0.0185) | |
Degree of fiscal decentralization | −655.9*** | −441.2*** | −316.6*** | 22.90 |
(80.72) | (68.43) | (67.12) | (31.90) | |
The quadratic term of degree of fiscal decentralization | 586.4** | 335.9* | 650.4*** | 0.300 |
(232.8) | (177.4) | (235.9) | (104.7) | |
Economic development level (taking the logarithm) | 22.16*** | 20.68*** | 1.027 | −1.600*** |
(5.986) | (6.217) | (2.373) | (0.522) | |
Industrial structure | 12.41 | −19.17*** | 20.93*** | −2.572* |
(23.01) | (5.724) | (2.343) | (1.521) | |
Intensity of competition between governments | −152.3* | −207.9 | −89.25 | −7.818 |
(377.0) | (343.2) | (100.3) | (34.75) | |
Degree of opening to the outside world | 46.29* | −23.28 | 5.371 | 3.584** |
(24.65) | (21.69) | (5.513) | (1.517) | |
Population density | −19.35 | −10.98*** | −5.925 | −3.093*** |
(14.52) | (3.183) | (4.539) | (0.337) | |
Constant term | 47.87 | 34.18 | 41.51 | 30.58*** |
(88.58) | (25.57) | (28.37) | (2.564) | |
Over-distinguished P value (Sargan test ) | 1 | 1 | 1 | 1 |
Second order serial correlation testing P value | 0.1512 | 0.5532 | 0.3299 | 0.2710 |
Sample number | 480 | 480 | 480 | 480 |