“…Thus, we expected a negative sign on the variable of fixed investment. (4) A large body of literature has documented the impact of ownership on corporate environmental decisions (King & Lenox, ; Lin, Moon, & Yin, ; Wang & Jin, ). We classified firms into private firms, state‐owned enterprises, foreign‐ or HMT(Hong Kong, Macau, and Taiwan)‐invested firms, and others, denoted in the analysis as Private , SOE , FHMT and Other , respectively.…”