Table 2. Second stage SFA regression... | Emerald Publishing

Table 2.

Second stage SFA regression results

Slack variable	Capital stock slack variable		Labor slack variable		Energy consumption slack variable
Slack variable	Coefficient	t value	Coefficient	t value	Coefficient	t value
Constant term	2,709.11	492.65***	43.53	2.14**	4,142.58	35.08***
Economic level	−322.29	−5.36***	−4.83	−2.73***	−550.75	−2.61***
Proportion of thermal power generation	−39.80	−0.59	0.29	0.33	597.78	2.74***
Industrial structure	436.47	2.42**	5.81	2.39**	1,098.29	1.67*
Environmental regulation level	−159.15	−2.26**	−1.93	−1.89*	838.95	3.98***
σ²	257,303.76	206,954.56***	48.76	2.91***	2,242,487.40	1,821,358.90***
γ	0.67	17.00***	0.83	12.53***	0.69	19.37***
LR	41.73***		60.80***		46.98***

Slack variable	Capital stock slack variable		Labor slack variable		Energy consumption slack variable
Slack variable	Coefficient	t value	Coefficient	t value	Coefficient	t value
Constant term	2,709.11	492.65***	43.53	2.14**	4,142.58	35.08***
Economic level	−322.29	−5.36***	−4.83	−2.73***	−550.75	−2.61***
Proportion of thermal power generation	−39.80	−0.59	0.29	0.33	597.78	2.74***
Industrial structure	436.47	2.42**	5.81	2.39**	1,098.29	1.67*
Environmental regulation level	−159.15	−2.26**	−1.93	−1.89*	838.95	3.98***
σ²	257,303.76	206,954.56***	48.76	2.91***	2,242,487.40	1,821,358.90***
γ	0.67	17.00***	0.83	12.53***	0.69	19.37***
LR	41.73***		60.80***		46.98***

Note:

***, ** and * in the upper right corner represent tests with significance levels of 1, 5 and 10%, respectively