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Fig 1.

Research framework.

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Table 1.

Descriptive statistics.

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Table 2.

T-mean difference test of sample groups.

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Table 3.

Regression analysis of the main model.

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Table 4.

The Sobel test result.

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Table 5.

Regression results of robustness tests based on another measurement.

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Table 6.

Results based on two-stage and GMM instrumental variable method.

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Table 7.

The moderating role of R&D expenditure and environment protection investment.

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Table 8.

Heterogeneity test of political connection and environmental information disclosure.

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Table 9.

Heterogeneity test of regional differences.

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