Robustness check: alternative policy dummy variable
| Variable | (1) | (2) | (3) | (4) |
|---|---|---|---|---|
| CO2 | CO2 | PM2.5 | PM2.5 | |
| policy2 × pilot | −0.016** (−3.094) | −0.013* (−2.005) | −0.157*** (−3.656) | −0.066*** (−4.775) |
| capacity | 0.021*** (47.678) | 0.006*** (6.315) | ||
| greenfin | −0.004** (−2.594) | −0.026* (−1.879) | ||
| ven | −0.028 (−0.652) | 0.120 (1.384) | ||
| rd_gdp | −0.008 (−1.603) | −0.291*** (−8.561) | ||
| _cons | 14.034*** (1.26e + 13) | 4.324*** (8.54e + 13) | ||
| Plant FE | Y | Y | Y | Y |
| Year FE | Y | Y | Y | Y |
| N | 1,100 | 1,100 | 1,100 | 1,100 |
| r2 | 0.974 | 0.974 | 0.723 | 0.797 |
| Variable | (1) | (2) | (3) | (4) |
|---|---|---|---|---|
| CO2 | CO2 | PM2.5 | PM2.5 | |
| −0.016 | −0.013 | −0.157 | −0.066 | |
| 0.021 | 0.006 | |||
| −0.004 | −0.026 | |||
| −0.028 (−0.652) | 0.120 (1.384) | |||
| −0.008 (−1.603) | −0.291 | |||
| _cons | 14.034 | 4.324 | ||
| Plant FE | Y | Y | Y | Y |
| Year FE | Y | Y | Y | Y |
| 1,100 | 1,100 | 1,100 | 1,100 | |
| r2 | 0.974 | 0.974 | 0.723 | 0.797 |
Notes:
t-values in brackets; models are estimated with Driscoll–Kray errors; *significant at 10%, **significant at 5%, ***significant at 1%
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