Heterogeneity analysis: ownership structure
| Variable | Non-SOE | SOE | ||
|---|---|---|---|---|
| (1) | (2) | (3) | (4) | |
| CO2 | PM2.5 | CO2 | PM2.5 | |
| policy × pilot | −0.022*** (−8.106) | −0.045** (−2.846) | −0.022*** (−4.123) | −0.089*** (−9.155) |
| capacity | 0.035*** (83.932) | 0.008*** (7.429) | 0.018*** (47.770) | 0.005*** (8.266) |
| greenfin | −0.005 (−1.680) | 0.028*** (3.803) | 0.004* (2.069) | −0.116*** (−3.634) |
| ven | −0.021 (−0.960) | 0.239*** (3.996) | −0.047 (−1.084) | 0.064 (0.896) |
| rd_gdp | −0.002 (−0.266) | −0.301*** (−6.666) | 0.001 (0.117) | −0.197*** (−4.966) |
| Plant FE | Y | Y | Y | Y |
| Year FE | Y | Y | Y | Y |
| N | 340 | 340 | 760 | 760 |
| r2 | 0.987 | 0.860 | 0.970 | 0.778 |
| Variable | Non-SOE | SOE | ||
|---|---|---|---|---|
| (1) | (2) | (3) | (4) | |
| CO2 | PM2.5 | CO2 | PM2.5 | |
| −0.022 | −0.045 | −0.022 | −0.089 | |
| 0.035 | 0.008 | 0.018 | 0.005 | |
| −0.005 (−1.680) | 0.028 | 0.004 | −0.116 | |
| −0.021 (−0.960) | 0.239 | −0.047 (−1.084) | 0.064 (0.896) | |
| −0.002 (−0.266) | −0.301 | 0.001 (0.117) | −0.197 | |
| Plant FE | Y | Y | Y | Y |
| Year FE | Y | Y | Y | Y |
| 340 | 340 | 760 | 760 | |
| r2 | 0.987 | 0.860 | 0.970 | 0.778 |
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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