Heterogeneity tests
| Variables | (1) | (2) | (3) | (4) |
|---|---|---|---|---|
| Low-CPU regions | High-CPU regions | Nonlabor-intensive | Labor-intensive | |
| ClimateRisk | 0.247*** (13.49) | 0.169*** (7.44) | 0.244*** (11.56) | 0.199*** (8.10) |
| ClimateRisk² | −0.353*** (−14.01) | −0.245*** (−7.34) | −0.370*** (−12.80) | −0.263*** (−7.29) |
| Controls | Yes | Yes | Yes | Yes |
| Constant | −0.007 (−0.29) | −0.138*** (−3.91) | −0.082*** (−2.58) | −0.005 (−0.16) |
| Firm FE | Yes | Yes | Yes | Yes |
| Year FE | Yes | Yes | Yes | Yes |
| Coeff. Diff. (linear) | p = 0.000 | p = 0.023 | ||
| Coeff. Diff. (quadratic) | p = 0.001 | p = 0.001 | ||
| Observations | 21,251 | 21,378 | 28,221 | 15,020 |
| Adj. R-squared | 0.480 | 0.579 | 0.526 | 0.532 |
| Variables | (1) | (2) | (3) | (4) |
|---|---|---|---|---|
| Low-CPU regions | High-CPU regions | Nonlabor-intensive | Labor-intensive | |
| ClimateRisk | 0.247 | 0.169 | 0.244 | 0.199 |
| ClimateRisk² | −0.353 | −0.245 | −0.370 | −0.263 |
| Controls | Yes | Yes | Yes | Yes |
| Constant | −0.007 (−0.29) | −0.138 | −0.082 | −0.005 (−0.16) |
| Firm | Yes | Yes | Yes | Yes |
| Year | Yes | Yes | Yes | Yes |
| Coeff. Diff. (linear) | ||||
| Coeff. Diff. (quadratic) | ||||
| Observations | 21,251 | 21,378 | 28,221 | 15,020 |
| Adj. | 0.480 | 0.579 | 0.526 | 0.532 |
Firm-clustered robust t-statistics are reported in parentheses. Coefficient differences are assessed using Fisher’s permutation tests with 1,000 replications. ***, ** and * indicate statistical significance at the 1, 5 and 10% levels, respectively
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