China Policy Journal Volume 1, Number 1, Fall 2018 | Page 135

China Policy Journal
Black 9.02 −109.21** 33.02 23.29
(11.58) (48.53) (28.47) (19.68)
Lagged pollution intensity −0.50* −0.57*** −1.01*** −1.00***
(0.28) (0.03) (0.00) (0.00)
City dummies (base = Wuxi)
Huanan −47.82 −40.70*** −137.09* −134.01*
(38.77) (8.29) (79.30) (73.40)
Yangzhou 8.14 −93.54*** −4.91 −31.37
(30.45) (35.12) (24.20) (31.73)
Zhengjiang 8.39 −54.57** −39.73 −43.68
(37.45) (24.41) (33.35) (29.12)
Firm size (base = small)
Large 47.88 −9.47 92.21 90.07
(29.90) (24.87) (116.47) (105.35)
Medium 31.91** 37.46 69.04** 74.09***
(15.63) (37.44) (34.67) (24.31)
Ownership structure (base = private)
State-owned −7.00 −45.87** 4.27 −7.18
(32.37) (19.54) (84.70) (102.78)
Collectively owned −21.71 −77.1 −73.43** −74.79
(31.05) (47.51) (32.93) (52.46)
HK, Macao and Taiwan investor −65.87* −116.33*** −140.2 −135.37
(35.41) (37.48) (96.19) (90.21)
Foreign investor −17.34 −67.09** −59.55 −59.53
(38.43) (32.29) (46.26) (51.74)
Companies with limited shares −28.13 −62.52 −101.31** −83.70*
(23.66) (48.72) (41.87) (45.07)
Others −42.68** −88.13** −30.49 −26.83
(21.08) (43.05) (65.66) (79.01)
Firm age (years) 0.2 0.71 0.46 0.42
(0.46) (0.95) (0.67) (0.70)
Industry (base = mining)
Food and beverages 33.51 −100.96* 70.56 1.46
(30.03) (55.52) (49.40) (26.47)
Textiles and leather 18.65** −67.9 22.38 −22.09
(8.78) (61.76) (18.45) (17.09)
Pulp and paper 50.24* −44.35 69.28* 20.58
(27.29) (31.55) (36.85) (49.40)
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