Heterogeneity analysis: affiliation relationship
| Variable | Non-affiliated plants | Affiliated plants | ||
|---|---|---|---|---|
| (1) | (2) | (3) | (4) | |
| CO2 | PM2.5 | CO2 | PM2.5 | |
| policy × pilot | −0.024*** (−7.494) | −0.083*** (−6.977) | −0.018* (−2.056) | −0.034** (−2.636) |
| capacity | 0.019*** (67.867) | 0.006*** (9.009) | 0.050*** (20.907) | 0.010*** (3.686) |
| greenfin | −0.002 (−1.151) | −0.027** (−2.283) | −0.009 (−0.863) | −0.048 (−1.373) |
| ven | −0.033 (−1.114) | 0.027 (0.376) | −0.092 (−0.966) | 0.274** (2.513) |
| rd_gdp | −0.004 (−1.217) | −0.257*** (−6.613) | 0.011 (1.203) | −0.310*** (−5.595) |
| Plant FE | Y | Y | Y | Y |
| Year FE | Y | Y | Y | Y |
| N | 890 | 890 | 210 | 210 |
| r2 | 0.978 | 0.789 | 0.966 | 0.854 |
| Variable | Non-affiliated plants | Affiliated plants | ||
|---|---|---|---|---|
| (1) | (2) | (3) | (4) | |
| CO2 | PM2.5 | CO2 | PM2.5 | |
| −0.024 | −0.083 | −0.018 | −0.034 | |
| 0.019 | 0.006 | 0.050 | 0.010 | |
| −0.002 (−1.151) | −0.027 | −0.009 (−0.863) | −0.048 (−1.373) | |
| −0.033 (−1.114) | 0.027 (0.376) | −0.092 (−0.966) | 0.274 | |
| −0.004 (−1.217) | −0.257 | 0.011 (1.203) | −0.310 | |
| Plant FE | Y | Y | Y | Y |
| Year FE | Y | Y | Y | Y |
| 890 | 890 | 210 | 210 | |
| r2 | 0.978 | 0.789 | 0.966 | 0.854 |
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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