*4.2. Fitting Results for Hypothesis 1*

The results of the empirical calculations around Hypothesis 1 are shown in Table 4. The Hausman test values for models were 19.27, 18.98, and 21.32, respectively, at the 1% significance level, thus allowing the FE regression to be selected. Specifically, the FE regression for model 1 shows a coefficient value of 0.019 for the *ERA* term at the 1% significance level and a coefficient value of 0.273 for the *ERA* term at the 1% significance level in the GMM regression. In the regression results for model 2, the *ERB* term has a coefficient value of −0.3 at the 1% significance level in the FE regression and a coefficient value of 0.165 in the GMM regression. The coefficient value was 0.165. The coefficient of the *ERC* term in the FE regression of model 3 is 0.038 at the 1% level of significance, and in the GMM regression, the coefficient of the *ERC* term is 0.054 at the 1% level of significance. In summary, the results show that the economy, law, and supervision of environmental regulation all contribute to sustainable development, so Hypothesis 1 holds. Among, them *ERA* has the most significant contribution to *SG* compared to *ERB* and *ERC*.


**Table 4.** Measurement results of the relationship between *ER* and *SG*.

Note: \*\*\* *p* < 0.01, \*\* *p* < 0.05, \* *p* < 0.1.
