Table 9 Heterogeneity analysis.
Variables | (1) | (2) | (3) | (4) | (5) | (6) |
|---|---|---|---|---|---|---|
SOE | Private firm | Higher share of secondary sector output | Lower share of secondary sector output | More environmental regulations | Less environmental regulations | |
LP | LP | LP | LP | LP | LP | |
CEPI | 0.044*** (2.82) | 0.009 (0.70) | −0.005 (−0.37) | 0.093*** (5.05) | 0.052*** (3.93) | 0.015 (0.97) |
Constant | 16.602*** (41.21) | 16.351*** (73.84) | 16.034*** (61.60) | 16.576*** (61.17) | 17.097*** (55.91) | 15.967*** (73.46) |
P value for the test of the difference | 0.036** | 0.000*** | 0.000*** | |||
Controls | Yes | Yes | Yes | Yes | Yes | Yes |
Year FE | Yes | Yes | Yes | Yes | Yes | Yes |
Firm FE | Yes | Yes | Yes | Yes | Yes | Yes |
Observations | 7625 | 11,576 | 9495 | 11,353 | 10,052 | 10,796 |
Adj R2 | 0.523 | 0.534 | 0.534 | 0.519 | 0.552 | 0.506 |
