Table 9 Regression results for the replacement models.
Manufacturing as a whole | High-carbon emission industries | Medium-carbon emission industries | Low-carbon emission industries | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FE | OLS | Differential GMM | FE | OLS | Differential GMM | FE | OLS | Differential GMM | FE | OLS | Differential GMM | |
QID | y | y | y | y | y | y | y | y | y | y | y | y |
L.QID | 0.351** | 0.535*** | 0.742*** | 0.896*** | ||||||||
(2.42) | (4.62) | (9.95) | (14.21) | |||||||||
CR | 0.460*** | 0.446*** | 0.444*** | 0.387*** | 0.432*** | 0.270*** | 0.474*** | 0.389*** | 0.183*** | 0.473*** | 0.454*** | 0.087** |
(14.04) | (15.12) | (4.01) | (5.00) | (7.43) | (3.58) | (6.06) | (6.03) | (3.46) | (12.38) | (12.06) | (2.38) | |
IS | 0.074*** | 0.050** | 0.059 | −0.101** | −0.089* | −0.071* | 0.138*** | 0.126*** | 0.118*** | 0.117*** | 0.104*** | 0.056*** |
(3.24) | (2.28) | (1.07) | (−2.08) | (−1.96) | (−1.92) | (3.01) | (2.67) | (3.97) | (3.82) | (3.59) | (2.87) | |
SC | −17.756 | −1.387 | 27.746 | −13.437 | −24.4** | 39.251 | 40.367 | 8.929 | −14.077 | −6.435 | 1.643 | 41.24*** |
(−1.10) | (−0.51) | (0.40) | (−0.42) | (−2.31) | (1.48) | (1.14) | (0.93) | (−0.41) | (−0.27) | (0.53) | (2.67) | |
GI | −0.539 | −0.170*** | 0.574 | −2.323*** | −0.482*** | −1.942*** | 1.366 | 0.236 | 1.312** | −0.071 | −0.166*** | 0.039 |
(−1.60) | (−4.03) | (0.37) | (−4.27) | (−2.93) | (−3.86) | (1.52) | (0.45) | (2.27) | (−0.16) | (−3.01) | (0.15) | |
constant | 0.400*** | 0.283*** | 1.251*** | 0.566*** | −0.083 | 0.172* | 0.253* | 0.253*** | ||||
(3.92) | (12.06) | (4.57) | (5.30) | (−0.47) | (1.84) | (1.74) | (9.25) | |||||
FE | Yes | No | NO | Yes | No | NO | Yes | No | NO | Yes | No | NO |
Sargan | 0.989 | 0.077 | 0.073 | 0.106 | ||||||||
AR2 | 0.365 | 0.284 | 0.218 | 0.293 | ||||||||
N | 250 | 250 | 200 | 50 | 50 | 40 | 60 | 60 | 48 | 140 | 140 | 112 |
R-squared | 0.560 | 0.493 | 0.776 | 0.690 | 0.502 | 0.413 | 0.605 | 0.550 | ||||
