China Policy Journal Volume 1, Number 1, Fall 2018 | 页面 134

Environmental Performance Rating and Disclosure: An Empirical Investigation in Jiangsu, China
Machinery manufacture 6.16 −54.18 −26.72 −59.85
(12.24) (47.44) (21.91) (41.71)
Utilities 20.87** 2.2 0.62 −46.04
(10.09) (63.66) (48.36) (70.90)
Transportation 144.51* 95.16*** 439.38*** 379.11***
(84.83) (10.56) (94.84) (58.23)
Others 40.96*** −10.94 29.16 −20.65
(15.68) (44.81) (70.07) (38.23)
Time 3.84 6.78 3.14 1.20
(8.03) (7.90) (18.50) (17.48)
Constant −3.13 129.43** 70.99 130.67
(73.45) (51.03) (124.84) (103.53)
No. of obs 967 914 659 664
within R 2 0.53 0.01 0.14 0.96
between R 2 0.11 0.76 0.98 0.95
overall R 2 0.24 0.57 0.96 0.96
Breusch and Pagan Lagrangian Multiplier test for random effects
Test statistics: χ 2 (1) 9.05*** 8.91*** 8.61** 8.52***
Numbers in parentheses are standard errors of the estimated coefficients. ***, **, and * represent
significance at the 1%, 5%, and 10% levels, respectively.
Table 8. Estimation Results for Pollution Concentration Increase: Five-Color Ratings
Water Pollution
Air Pollution
TSS COD SO 2
Dust/Smoke
Rating dummies (base = not rated)
Green −38.95 −55.95*** −46.42 −40.46
(25.97) (9.49) (70.40) (75.08)
Blue −7.09 −3.83 −12.14 −7.70
(18.04) (19.48) (23.17) (23.33)
Yellow −41.46 −63.43 −54.54*** −53.79***
(26.54) (39.15) (12.15) (10.35)
Red −68.47** −77.8 −101.34* −100.56
(34.07) (59.15) (59.88) (62.64)
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