Model

Variable

Full Sample of Manufacturing

Severely Polluted Industry

Moderately Polluted Industry

Slightly Polluted Industry

model (1)

model (2)

model (1)

model (2)

model (1)

model (2)

model (1)

model (2)

ER

−1.1393***

(−4.16)

−0.7591*

(−1.8)

−2.0608*

(−2.1)

−4.4080

(−0.9)

−2.3066***

(−4.11)

−0.9614

(−1.3)

−0.2365

(−0.9)

−0.21

(−0.8)

lnIMI

0.3499***

(8.06)

0.298***

(4.67)

0.3827***

(5.49)

0.22497

(0.72)

0.4224***

(5.8)

0.333***

(3.63)

0.205***

(4.74)

0.136***

(3.04)

lnTp

0.1264***

(6.10)

0.173***

(5.70)

0.384***

(8.26)

0.5073**

(2.39)

0.0723***

(2.84)

0.1154028***

(3.32)

0.4983054***

(11.40)

0.605***

(13.34)

C

12.378***

(29.50)

6.383***

(10.3)

12.26***

(10.5)

6.29053

(1.15)

13.252***

(17.96)

6.643***

(7.06)

9.687***

(21.2)

4.95***

(9.02)

R²

0.4558

0.2656

0.7892

0.2581

0.4473

0.2157

0.9724

0.764

F

67

28.93

52.41

10.61

28.32

31.25

90.31

297.1

Applicable mode

FE

FE

FE

RE

FE

RE

FE

RE

Sample size

270

270

50

50

120

120

100

100