Table 4 Robustness test results.
(1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) | (9) | (10) | |
|---|---|---|---|---|---|---|---|---|---|---|
1% winsorise | 5% winsorise | Policy lag 1 period | Province* time trends | PSM-DID | Control of carbon trading policy | Control of low carbon pilot policy | Simultaneous control of carbon trading and low carbon pilot policies | Non-random selection | Non-random selection | |
GFSP | 0.016*** (0.006) | 0.016*** (0.006) | 0.017*** (0.006) | 0.011** (0.006) | 0.014** (0.006) | 0.013** (0.005) | 0.015** (0.006) | 0.013** (0.005) | 0.012* (0.007) | 0.011* (0.007) |
Control variables*time trend | No | No | No | No | No | No | No | No | Yes | Yes |
Control variables* time trend square | No | No | No | No | No | No | No | No | No | Yes |
Control variables | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
Year fixed effect | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
City fixed effect | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
Observations | 4496 | 4496 | 4496 | 4496 | 4267 | 4496 | 4496 | 4496 | 4496 | 4496 |
R-squared | 0.969 | 0.969 | 0.969 | 0.977 | 0.969 | 0.969 | 0.969 | 0.969 | 0.972 | 0.973 |
