| Variable | (1) | (2) | (3) | (4) |
| Heavy pollution industries | Non-heavy polluting industries | Low local government environmental preferences | High local government environmental preference | |
| Subsidy | 1.377** (3.15) | 0.553 (1.31) | 0.628 (1.44) | 1.547*** (3.41) |
| Size | −0.0129 (−0.24) | −0.108** (−2.02) | 0.00884 (0.2) | −0.0728 (−1.11) |
| Cost | −2.826*** (−3.06) | −2.332** (−2.42) | −3.080*** (−3.64) | −1.47 (−1.30) |
| Opportunity | −0.0994** (−2.52) | −0.0637* (−1.67) | −0.0866*** (−2.65) | −0.0831 (−1.64) |
| Ocf | 0.484 (0.78) | 0.216 (0.34) | 0.664 (1.22) | 0.99 (1.33) |
| Cash | −0.636 (−1.59) | −0.769* (−1.86) | −1.200*** (−3.07) | −0.975** (−2.13) |
| Growth | 0.0199 (0.21) | −0.0861 (−0.90) | −0.0841 (−1.04) | −0.0138 (−0.12) |
| Independent | −1.598** (−2.04) | −1.536* (−1.93) | −1.204* (−1.78) | −1.085 (−1.14) |
| Law | 0.00286 (0.63) | 0.00286 (0.72) | 0.00568* (1.67) | −0.00137 (−0.18) |
| Invest | 0.247*** (3.37) | −0.0003 (−0.00) | 0.147* (1.87) | 0.193* (1.87) |
| Area | −0.192*** (−3.02) | −0.0345 (−0.48) | −0.224*** (−3.60) | −0.133 (−1.62) |
| Constant | −0.925 (−0.67) | 2.263* (1.72) | −1.014 (−0.87) | 0.308 (−0.19) |
| Industry FEs | Yes | Yes | Yes | Yes |
| Year FEs | Yes | Yes | Yes | Yes |
| N | 1215 | 1702 | 1734 | 1183 |
| Pseudo. R2 | 0.0481 | 0.0518 | 0.0804 | 0.0534 |