| Variable | Key environmental protection cities | Non-key environmental protection cities | ||||
|---|---|---|---|---|---|---|
| (1) ln UEE | (2) ER | (3) ln UEE | (4) ln UEE | (5) ER | (6) ln UEE | |
| LGC | 0.130** | 0.004*** | 0.055** | 0.085** | 0.000 | 0.058* |
| (2.60) | (11.74) | (2.11) | (2.39) | (0.85) | (1.68) | |
| ER | 2.387*** | 0.158 | ||||
| (3.06) | (1.01) | |||||
| Lag(ln UEE) | 0.555*** | 0.529*** | 0.491*** | 0.475*** | ||
| (7.61) | (8.32) | (6.90) | (8.12) | |||
| Lag(ER) | 0.340*** | 0.538*** | ||||
| (31.90) | (19.10) | |||||
| Control variable | Yes | Yes | Yes | Yes | Yes | Yes |
| Hansen test | 0.235 | 0.144 | 0.693 | 0.136 | 0.177 | 0.111 |
| AR(2) | 0.894 | 0.508 | 0.932 | 0.899 | 0.253 | 0.875 |
| F | 15.107 | 142.392 | 13.310 | 25.156 | 456.452 | 19.707 |
| Obs. | 1417 | 1417 | 1417 | 2197 | 2197 | 2197 |