The Impact of Haze Pollution on Firm-Level TFP in China: Test of a Mediation Model of Labor Productivity
Abstract
:1. Introduction
2. Literature Review
2.1. Research on Haze Pollution and TFP
2.2. The Mediating Effect of Labor Productivity on Haze Pollution and TFP
3. Research Design
3.1. Sample Selection
3.2. Model
3.2.1. Model Construction
3.2.2. Variable Definition
4. Empirical Results and Analysis
4.1. Descriptive Statistics
4.2. Regression Results
5. Further Analysis and Endogeneity Problem
5.1. Robustness Test
5.1.1. Change the Measurement Method of Haze Pollution
5.1.2. Change the Measurement of TFP
5.1.3. Eliminate Firms with Inconsistent Office and Registered Places
5.2. Heterogeneity Analysis
5.2.1. Industry Heterogeneity
5.2.2. Ownership Difference
5.3. Endogeneity Problem
5.3.1. Regression of an Instrumental Variable
5.3.2. Haze Pollution and Labor Productivity Lag by One Period Respectively
6. Conclusions and Policy Implications
Author Contributions
Funding
Acknowledgments
Conflicts of Interest
References
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Item | N |
---|---|
All data of listed companies in 74 cities of CSMAR database from 2013 to 2017 | 11,208 |
Less: the data of b-share listed companies | (511) |
data of listed financial companies | (349) |
incomplete data of listed companies | (3020) |
Final sample | 7328 |
Variable | Description | Description |
---|---|---|
TFP_LPit | Firm’s total factor productivity (TFP) | TFP estimated by LP method of firm i at the end of year t |
TFP_OPit | Firm’s TFP | TFP estimated by OP method of firm i at the end of year t |
PM2.5it−1 | Haze pollution | Annual mean value of PM2.5 monthly concentration monitoring data for firm’s location |
PMc2.5it−1 | Haze pollution | According to the satellite data extracted from Columbia University, annual mean value of PM2.5 monthly concentration monitoring data for firm’s location |
Laborit | Labor productivity | ln (revenue/staff average) of firm i at the end of year t |
Prfit | Profitability | Total year-end Profits/total assets |
Levit | Asset-liability ratio | Total liabilities/total assets |
Growit | Revenue growth rate | Operating income growth rate of firm i at the end of year t |
Btmit | Book-to-market ratio | The ratio of book value to market value of firm i at the end of year t |
LCit | Labor cost | Cash paid to and on behalf of employees/number of employees |
Sh1it | Shareholding ratio of the largest shareholder | Shareholding ratio of the largest shareholder of firm i at the end of year t |
SOEit | Firm nature | Equal to 1 if the firm is state-owned, 0 otherwise |
FDIit | Regional opening level | The actual use of foreign capital accounted for the proportion of GDP at the end of year t |
GDPit | Degree of urban development | Real GDP per person in the city where the firm i is located at the end of year t |
Variable | N | Mean | Std | Min | Med | Max |
---|---|---|---|---|---|---|
TFP_LPit | 7328 | 16.176 | 1.124 | 11.585 | 16.051 | 20.945 |
TFP_OPit | 7328 | 12.669 | 0.875 | 8.209 | 12.530 | 17.726 |
PM2.5it−1 | 7328 | 3.996 | 0.368 | 3.039 | 4.006 | 5.076 |
PMc2.5it−1 | 7328 | 3.696 | 0.369 | 2.407 | 3.786 | 4.460 |
Laborit | 7328 | 13.834 | 0.917 | 9.325 | 13.708 | 18.951 |
Prfit | 7328 | 0.036 | 0.148 | −6.708 | 0.027 | 5.369 |
Levit | 7328 | 0.423 | 0.215 | 0.014 | 0.409 | 3.262 |
Growit | 7328 | 0.531 | 1.341 | −0.748 | 0.195 | 10.545 |
Btmit | 7328 | 0.751 | 0.850 | 0.008 | 0.472 | 12.048 |
LCit | 7328 | 12.987 | 25.004 | 0.000 | 10.422 | 1492.784 |
Sh1it | 7328 | 36.225 | 15.348 | 3.390 | 34.384 | 89.409 |
SOEit | 7328 | 0.323 | 0.468 | 0 | 0 | 1 |
FDIit | 7328 | 2.340 | 0.334 | 0.822 | 2.377 | 2.913 |
GDPit | 7328 | 0.005 | 0.003 | 0.000 | 0.005 | 0.027 |
Variable | M1 | M2 | M3 | M4 |
---|---|---|---|---|
TFP_LPit | Laborit | TFP_LPit | TFP_LPit | |
PM2.5it−1 | −0.529 *** | −0.236 *** | −0.336 *** | |
(−8.62) | (−4.04) | (−8.46) | ||
Laborit | 0.825 *** | 0.819 *** | ||
(30.09) | (30.02) | |||
Prfit | −0.079 | 0.058 | −0.133 * | −0.127 * |
(−1.14) | (0.67) | (−1.96) | (−1.86) | |
Levit | 0.212 | −0.223 | 0.409 *** | 0.395 *** |
(1.32) | (−1.26) | (5.27) | (5.16) | |
Growit | 0.014 | 0.025 *** | −0.007 | −0.007 |
(1.41) | (2.90) | (−1.36) | (−1.34) | |
Btmit | 0.148 *** | 0.109 *** | 0.059 ** | 0.059 ** |
(3.27) | (3.53) | (2.45) | (2.50) | |
LCit | 0.001 ** | 0.0002 | 0.001 ** | 0.001 * |
(2.16) | (0.20) | (2.02) | (1.92) | |
Sh1it | 0.001 | 0.002 ** | −0.001 | −0.001 |
(1.33) | (2.36) | (−1.59) | (−1.33) | |
SOEit | 0.108 | 0.034 | 0.066 | 0.080 |
(1.46) | (0.52) | (1.27) | (1.50) | |
GDPit | 0.378 *** | 0.406 *** | 0.350 *** | 0.046 |
(5.33) | (5.83) | (9.13) | (0.94) | |
FDIit | −6.289 * | −0.165 | −7.853 *** | −6.154 *** |
(−1.65) | (−0.05) | (−3.30) | (−2.63) | |
Constant | 17.143 *** | 13.730 *** | 3.783 *** | 5.902 *** |
(45.45) | (38.04) | (11.11) | (13.98) | |
Industry | control | control | control | control |
Region | control | control | control | control |
adj.R2 | 0.172 | 0.092 | 0.701 | 0.708 |
F | 52.08 | 24.07 | 195.7 | 190.4 |
Variable | M1 | M2 | M3 | M4 |
---|---|---|---|---|
TFP_LPit | Laborit | TFP_LPi | (TFP_LPit FP_OP) | |
PMc2.5it−1 | −0.183 *** | −0.153 *** | −0.057 ** | |
(−3.82) | (−3.25) | (−2.02) | ||
Laborit | 0.825 *** | 0.827 *** | ||
(30.09) | (28.82) | |||
Prfit | −0.104 | 0.065 | −0.133 * | −0.158 * |
(−1.48) | (0.56) | (−1.96) | (−1.76) | |
Levit | 0.245 | −0.201 | 0.409 *** | 0.411 *** |
(1.52) | (−1.17) | (5.27) | (5.31) | |
Growit | 0.016 * | 0.027 *** | −0.007 | −0.006 |
(1.65) | (3.24) | (−1.36) | (−1.20) | |
Btmit | 0.143 *** | 0.103 *** | 0.059 ** | 0.058** |
(3.31) | (3.72) | (2.45) | (2.37) | |
LCit | 0.020 *** | 0.026 *** | 0.001 ** | −0.001 |
(7.19) | (7.88) | (2.02) | (−0.41) | |
Sh1it | 0.001 | 0.002 ** | −0.001 | −0.001 |
(1.00) | (2.12) | (−1.59) | (−1.57) | |
SOEit | 0.103 | 0.046 | 0.066 | 0.064 |
(1.42) | (0.74) | (1.27) | (1.24) | |
GDPit | 0.656 *** | 0.382 *** | 0.350 *** | 0.339 *** |
(11.64) | (6.29) | (9.13) | (7.80) | |
FDIit | −7.940 ** | −0.137 | −7.853 *** | −7.827 *** |
(−2.07) | (−0.04) | (−3.30) | (−3.28) | |
Constant | 14.835 *** | 13.091 *** | 3.783 *** | 4.009 *** |
(60.65) | (51.14) | (11.11) | (9.80) | |
Industry | control | control | control | control |
Region | control | control | control | control |
adj.R2 | 0.185 | 0.146 | 0.701 | 0.699 |
F | 51.16 | 32.56 | 195.7 | 184.9 |
Variable | M1 | M2 | M3 | M4 |
---|---|---|---|---|
TFP_OPit | Laborit | TFP_OPit | TFP_OPit | |
PM2.5it−1 | −0.303 *** | −0.236 *** | −0.097 *** | |
(−5.37) | (−4.04) | (−3.98) | ||
Laborit | 0.876 *** | 0.874 *** | ||
(51.22) | (51.25) | |||
Prfit | 0.037 | 0.058 | −0.016 | −0.014 |
(0.49) | (0.67) | (−0.42) | (−0.36) | |
Levit | −0.085 | −0.223 | 0.114 ** | 0.110 ** |
(−0.58) | (−1.26) | (2.56) | (2.49) | |
Growit | 0.012 | 0.025 *** | −0.011 *** | −0.011 *** |
(1.28) | (2.90) | (−2.82) | (−2.82) | |
Btmit | 0.097 *** | 0.109 *** | 0.003 | 0.002 |
(3.05) | (3.53) | (0.29) | (0.29) | |
LCit | 0.003 *** | 0.000 | 0.003 *** | 0.003 *** |
(3.32) | (0.20) | (7.67) | (7.63) | |
Sh1it | 0.002 ** | 0.002 ** | −0.000 | 0.000 |
(2.36) | (2.36) | (−0.09) | (0.01) | |
SOEit | −0.162 ** | 0.034 | −0.195 *** | −0.192 *** |
(−2.44) | (0.52) | (−8.10) | (−7.83) | |
GDPit | 0.379 *** | 0.406 *** | 0.112 *** | 0.024 |
(5.94) | (5.83) | (5.75) | (0.81) | |
FDIit | −2.850 | −0.165 | −3.198 *** | −2.705 ** |
(−0.84) | (−0.05) | (−2.65) | (−2.27) | |
Constant | 12.912 *** | 13.730 *** | 0.295 | 0.910 *** |
(37.74) | (38.04) | (1.36) | (3.56) | |
Industry | control | control | control | control |
Region | control | control | control | control |
adj.R2 | 0.126 | 0.092 | 0.830 | 0.831 |
F | 32.93 | 24.07 | 420.9 | 386.4 |
Variable | M1 | M2 | M3 | M4 |
---|---|---|---|---|
TFP_LPit | Laborit | TFP_LPit | TFP_LPit | |
PM2.5it−1 | −0.456 *** | −0.174 *** | −0.319 *** | |
(−7.91) | (−3.09) | (−8.17) | ||
Laborit | 0.793 *** | 0.788 *** | ||
(27.32) | (27.31) | |||
Prfit | −0.045 | 0.105 | −0.133 * | −0.128 * |
(−0.57) | (1.15) | (−1.75) | (−1.70) | |
Levit | 0.239 | −0.213 | 0.417 *** | 0.407 *** |
(1.30) | (−1.02) | (4.94) | (4.89) | |
Growit | 0.012 | 0.022 ** | −0.006 | −0.006 |
(1.10) | (2.34) | (−1.01) | (−1.01) | |
Btmit | 0.130 *** | 0.097 *** | 0.054 ** | 0.054 ** |
(2.72) | (2.96) | (2.07) | (2.11) | |
LCit | 0.001 ** | 0.000 | 0.001 ** | 0.001 * |
(2.23) | (0.17) | (2.00) | (1.91) | |
Sh1it | 0.002 * | 0.003 *** | −0.001 * | −0.001 |
(1.83) | (2.87) | (−1.74) | (−1.42) | |
SOEit | 0.107 | 0.040 | 0.064 | 0.075 |
(1.47) | (0.64) | (1.17) | (1.34) | |
GDPit | 0.396 *** | 0.431 *** | 0.346 *** | 0.056 |
(5.53) | (6.12) | (8.74) | (1.13) | |
FDIit | −3.269 | 0.699 | −5.714 *** | −3.820 ** |
(−1.11) | (0.22) | (−3.26) | (−2.27) | |
Constant | 16.762 *** | 13.380 *** | 4.213 *** | 6.215 *** |
(45.48) | (37.43) | (11.83) | (13.94) | |
Industry | control | control | control | control |
Region | control | control | control | control |
adj.R2 | 0.172 | 0.089 | 0.172 | 0.696 |
F | 50.08 | 22.22 | 50.08 | 181.4 |
(1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) | |
---|---|---|---|---|---|---|---|---|
Non-Heavy Polluting | Heavy Polluting | |||||||
Variable | TFP_LPit | Laborit | TFP_LPit | TFP_LPit | TFP_LPit | Laborit | TFP_LPit | TFP_LPit |
PM2.5it−1 | −0.572 *** | −0.324 *** | −0.304 *** | −0.232 ** | 0.112 | −0.317 *** | ||
(−7.98) | (−4.80) | (−7.00) | (−2.47) | (1.11) | (−4.22) | |||
Laborit | 0.835 *** | 0.828 *** | 0.752 *** | 0.756 *** | ||||
(28.35) | (28.12) | (11.19) | (11.28) | |||||
Prfit | −0.015 | 0.074 | −0.083 | −0.076 | −0.210 ** | 0.016 | −0.233 *** | −0.222 *** |
(−0.25) | (0.68) | (−1.22) | (−1.13) | (−2.09) | (0.25) | (−2.76) | (−2.87) | |
Levit | 0.334 ** | −0.002 | 0.345 *** | 0.335 *** | −0.169 | −0.658 | 0.337 *** | 0.328 *** |
(2.33) | (−0.02) | (3.61) | (3.54) | (−0.54) | (−1.57) | (3.35) | (3.34) | |
Growit | 0.022 ** | 0.028 *** | −0.001 | −0.001 | −0.019 | 0.011 | −0.027 *** | −0.027 *** |
(1.97) | (2.80) | (−0.15) | (−0.15) | (−1.11) | (0.65) | (−3.27) | (−3.06) | |
Btmit | 0.170 *** | 0.138 *** | 0.055 ** | 0.056 ** | 0.015 | −0.012 | 0.028 | 0.024 |
(3.49) | (4.24) | (2.16) | (2.22) | (0.44) | (−0.27) | (1.42) | (1.29) | |
LCit | 0.001 ** | 0.000 | 0.001 ** | 0.001 ** | 0.005 | 0.014 *** | −0.006 | −0.006 |
(2.55) | (0.03) | (2.07) | (1.99) | (0.67) | (2.92) | (−1.17) | (−1.35) | |
Sh1it | 0.0019 | 0.002 ** | −0.001 ** | −0.001 * | 0.002 | 0.002 | 0.000 | 0.000 |
(1.08) | (2.46) | (−1.97) | (−1.74) | (0.93) | (0.83) | (0.11) | (0.22) | |
SOEit | 0.137 | 0.050 | 0.084 | 0.096 | −0.032 | −0.014 | −0.043 | −0.022 |
(1.59) | (0.63) | (1.39) | (1.54) | (−0.72) | (−0.24) | (−1.15) | (−0.76) | |
GDPit | 0.321 *** | 0.225 *** | 0.417 *** | 0.134 ** | 0.444 *** | 0.711 *** | 0.166 ** | −0.094 |
(3.63) | (2.80) | (9.71) | (2.41) | (4.44) | (5.91) | (2.50) | (−1.06) | |
FDIit | −4.183 | 0.707 | −6.568 *** | −4.768 ** | 4.125 | 5.196 | −0.232 | 0.198 |
(−1.26) | (0.18) | (−3.14) | (−2.30) | (1.08) | (1.21) | (−0.10) | (0.09) | |
Constant | 17.340 *** | 14.358 *** | 3.492 *** | 5.451 *** | 16.119 *** | 11.873 *** | 5.340 *** | 7.146 *** |
(38.08) | (34.71) | (9.78) | (11.72) | (28.53) | (18.18) | (6.02) | (7.77) | |
Region | control | control | control | control | control | control | control | control |
adj.R2 | 0.194 | 0.095 | 0.722 | 0.727 | 0.125 | 0.188 | 0.663 | 0.674 |
F | 43.91 | 18.76 | 204.0 | 190.9 | 13.28 | 11.25 | 33.43 | 34.96 |
(1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) | |
---|---|---|---|---|---|---|---|---|
Non-State-Owned | State-Owned | |||||||
Variable | TFP_LPit | Laborit | TFP_LPit | TFP_LPit | TFP_LPit | Laborit | TFP_LPit | TFP_LPit |
PM2.5it−1 | −0.725 *** | −0.382 *** | −0.400 *** | −0.128 | 0.097 | −0.201 *** | ||
(−9.27) | (−5.01) | (−8.46) | (−1.41) | (1.22) | (−3.02) | |||
Laborit | 0.864 *** | 0.853 *** | 0.741 *** | 0.743 *** | ||||
(31.03) | (30.78) | (13.42) | (13.53) | |||||
Prfit | −0.081 | 0.008 | −0.095 * | −0.087 | −0.203 | −0.246 | −0.033 | −0.021 |
(−1.34) | (0.19) | (−1.70) | (−1.57) | (−0.54) | (−1.27) | (−0.10) | (−0.06) | |
Levit | 0.355 *** | 0.025 | 0.356 *** | 0.334 *** | −0.355 | −0.857 ** | 0.276 * | 0.281 * |
(2.79) | (0.23) | (5.20) | (4.91) | (−1.22) | (−2.53) | (1.79) | (1.84) | |
Growit | 0.010 | 0.020 | −0.007 | −0.007 | 0.018 | 0.028 ** | −0.003 | −0.003 |
(0.70) | (1.56) | (−1.23) | (−1.29) | (1.34) | (2.42) | (−0.39) | (−0.36) | |
Btmit | 0.247 *** | 0.163 *** | 0.105 *** | 0.108 *** | 0.122 ** | 0.101 ** | 0.049 | 0.047 |
(4.24) | (4.44) | (2.98) | (3.13) | (2.05) | (2.43) | (1.51) | (1.49) | |
LCit | 0.000 | −0.002 | 0.002 *** | 0.002 *** | 0.001 *** | 0.001 | 0.000 | 0.000 |
(0.45) | (−1.41) | (5.87) | (5.58) | (5.80) | (1.58) | (0.95) | (0.88) | |
Sh1it | 0.001 | 0.003** | −0.001 | −0.001 | −0.001 | −0.006 | −0.001 | −0.001 |
(1.31) | (2.47) | (−1.43) | (−1.36) | (−0.97) | (−0.35) | (−1.09) | (−0.88) | |
GDPit | 0.340 *** | 0.336 *** | 0.416 *** | 0.053 | 0.354 *** | 0.485 *** | 0.173 *** | −0.006 |
(3.75) | (3.77) | (8.85) | (0.91) | (3.29) | (4.75) | (2.69) | (−0.07) | |
FDIit | −9.921 * | −1.666 | −10.099 *** | −8.501 *** | −4.591 | −1.672 | −4.751 * | −3.349 |
(−1.85) | (−0.36) | (−3.01) | (−2.58) | (−1.22) | (−0.38) | (−1.85) | (−1.39) | |
Constant | 17.738 *** | 14.265 *** | 2.987 *** | 5.570 *** | 16.460 *** | 12.890 *** | 5.699 *** | 6.887 *** |
(36.97) | (30.14) | (8.81) | (12.28) | (27.64) | (25.17) | (7.67) | (8.15) | |
Region | control | control | control | control | control | control | control | control |
adj.R2 | 0.230 | 0.120 | 0.741 | 0.749 | 0.114 | 0.120 | 0.636 | 0.639 |
F | 52.72 | 22.40 | 224.2 | 208.6 | 13.58 | 8.010 | 34.57 | 34.14 |
Variable | First-Stage | Second-Stage |
---|---|---|
PM2.5it−1 | TFP_LPit | |
Lawit | 0.017 *** | |
(5.39) | ||
PM2.5it | −1.830 ** | |
(−2.54) | ||
Prfit | 0.018 | −0.054 |
(1.52) | (−0.78) | |
Levit | −0.038 * | 0.165 |
(−2.59) | (1.16) | |
Growit | −0.000 | 0.014 |
(−0.19) | (1.51) | |
Btmit | −0.002 | 0.145 *** |
(−0.43) | (3.70) | |
LCit | −0.000 | 0.001 *** |
(−0.89) | (2.81) | |
Sh1it | 0.000 ** | 0.002 * |
(2.01) | (1.68) | |
SOEit | 0.040 ** | 0.159 * |
(2.22) | (2.22) | |
GDPit | −0.907 *** | −0.813 |
(−58.44) | (−1.23) | |
FDIit | 5.456 *** | 0.333 |
(5.84) | (0.07) | |
Industry | control | control |
Region | control | control |
R2 | 0.644 | 0.074 |
F | 29.08 | 53.93 |
Variable | M1 | M2 | M3 | M4 |
---|---|---|---|---|
TFP_LPit | Laborit−1 | TFP_LPit | TFP_LPit | |
PM2.5it−2 | −0.676 *** | −0.163 ** | −0.653 *** | |
(−9.47) | (−2.17) | (−9.45) | ||
Laborit−1 | 0.151 *** | 0.143 *** | ||
(4.00) | (3.84) | |||
Prfit | −0.502 ** | −0.068 | −0.542 ** | −0.492 ** |
(−2.00) | (−0.47) | (−2.19) | (−1.97) | |
Levit | 0.220 * | −0.044 | 0.227 * | 0.226 * |
(1.67) | (−0.45) | (1.74) | (1.73) | |
Growit | 0.003 | −0.017 | 0.003 | 0.005 |
(0.27) | (−1.40) | (0.27) | (0.50) | |
Btmit | 0.102 ** | 0.119 *** | 0.124 *** | 0.085 * |
(2.31) | (2.74) | (2.91) | (1.95) | |
LCit | 0.002 *** | −0.001 *** | 0.002 *** | 0.002 *** |
(3.00) | (−3.79) | (3.13) | (3.19) | |
Sh1it | 0.002 * | 0.000 | 0.001 | 0.002 * |
(1.70) | (0.39) | (1.31) | (1.66) | |
SOEit | 0.081 | 0.011 | 0.064 | 0.079 |
(1.08) | (0.17) | (0.88) | (1.16) | |
GDPit | 0.157 ** | 0.066 | 0.597 *** | 0.148 ** |
(2.12) | (0.82) | (8.65) | (2.01) | |
FDIit | 5.089 * | 5.113 | 1.589 | 4.361 |
(1.80) | (1.11) | (0.56) | (1.57) | |
Constant | 18.362 *** | 14.215 *** | 12.488 *** | 16.337 *** |
(44.02) | (33.45) | (25.01) | (27.32) | |
Industry | control | control | control | control |
Region | control | control | control | control |
adj.R2 | 0.182 | 0.047 | 0.168 | 0.200 |
F | 46.64 | 10.97 | 36.42 | 47.95 |
© 2020 by the authors. Licensee MDPI, Basel, Switzerland. This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license (http://creativecommons.org/licenses/by/4.0/).
Share and Cite
Li, B.; Shi, S.; Zeng, Y. The Impact of Haze Pollution on Firm-Level TFP in China: Test of a Mediation Model of Labor Productivity. Sustainability 2020, 12, 8446. https://doi.org/10.3390/su12208446
Li B, Shi S, Zeng Y. The Impact of Haze Pollution on Firm-Level TFP in China: Test of a Mediation Model of Labor Productivity. Sustainability. 2020; 12(20):8446. https://doi.org/10.3390/su12208446
Chicago/Turabian StyleLi, Bin, Shuai Shi, and Yating Zeng. 2020. "The Impact of Haze Pollution on Firm-Level TFP in China: Test of a Mediation Model of Labor Productivity" Sustainability 12, no. 20: 8446. https://doi.org/10.3390/su12208446