Counterfactual test results
| Variable | (1) | (2) | (3) | (4) |
|---|---|---|---|---|
| CO2 | PM2.5 | CO2 | PM2.5 | |
| policy2009 × pilot | 0.004 (0.583) | −0.053 (−0.665) | ||
| policy2010 × pilot | −0.007 (−1.184) | −0.036 (−1.573) | ||
| capacity | 0.021*** (49.191) | 0.006*** (6.615) | 0.021*** (47.035) | 0.006*** (6.347) |
| greenfin | −0.007*** (−3.544) | −0.044** (−2.618) | −0.007*** (−3.360) | −0.044** (−2.586) |
| ven | −0.023 (−0.558) | 0.119 (1.436) | −0.028 (−0.652) | 0.117 (1.340) |
| rd_gdp | −0.013*** (−3.304) | −0.280*** (−7.069) | −0.007* (−1.881) | −0.284*** (−7.621) |
| Plant FE | Y | Y | Y | Y |
| Year FE | Y | Y | Y | Y |
| N | 1,100 | 1,100 | 1,100 | 1,100 |
| r2 | 0.974 | 0.794 | 0.974 | 0.793 |
| Variable | (1) | (2) | (3) | (4) |
|---|---|---|---|---|
| CO2 | PM2.5 | CO2 | PM2.5 | |
| 0.004 (0.583) | −0.053 (−0.665) | |||
| −0.007 (−1.184) | −0.036 (−1.573) | |||
| 0.021 | 0.006 | 0.021 | 0.006 | |
| −0.007 | −0.044 | −0.007 | −0.044 | |
| −0.023 (−0.558) | 0.119 (1.436) | −0.028 (−0.652) | 0.117 (1.340) | |
| −0.013 | −0.280 | −0.007 | −0.284 | |
| Plant FE | Y | Y | Y | Y |
| Year FE | Y | Y | Y | Y |
| 1,100 | 1,100 | 1,100 | 1,100 | |
| r2 | 0.974 | 0.794 | 0.974 | 0.793 |
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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