Table 2 Heterogeneous effects of the ETS across programs and firms
From: Low-carbon innovation induced by emissions trading in China
Dependent variable (∆low-carbon patent) | Wilcoxon’s rank-sum test alternative hypothesis | |||
|---|---|---|---|---|
ETS | −0.007 (0.096) | −0.038 (0.0928) | −0.139 (0.155) | |
ETS*average permit price | 0.000 | 0.000 | 0.003 | High price > low price |
(0.002) | (0.002) | (0.003) | p = 0.97 | |
ETS*auction = 1 | 0.018 | 0.016 | 0.016 | Auction > no auction |
(0.078) | (0.078) | (0.077) | p = 0.99 | |
ETS*mass-based = 1 | 0.069* | 0.073** | 0.083* | Mass-based > rate-based |
(0.036) | (0.034) | (0.044) | p = 0.02 | |
ETS*cap reduction = 1 | −0.033 | −0.035 | −0.030 | Cap reduction > no cap |
(0.048) | (0.048) | (0.053) | p = 0.07 | |
ETS*energy-intensive = 1 | 0.015 | 0.000 | 0.024 | Energy-intensive > other |
(0.050) | (0.047) | (0.052) | p = 0.19 | |
ETS*no patent before = 1 | −0.011 | −0.009 | −0.010 | No patent before > patent |
(0.041) | (0.041) | (0.046) | p = 0.30 | |
ETS*Herfindahl-Hirschman Index | 0.588 | 0.701 | 0.734 | High-competition > other |
(1.406) | (1.377) | (1.425) | p = 0.12 | |
ETS*state-owned = 1 | 0.003 | 0.072 | 0.094* | State-owned > other |
(0.035) | (0.043) | (0.046) | p = 0.34 | |
ETS*foreign-owned = 1 | −0.028 | −0.001 | 0.002 | Foreign-owned > other |
(0.036) | (0.037) | (0.028) | p = 0.77 | |
Firm characteristics | No | Yes | Yes | |
Matched firm pair dummies | Yes | Yes | Yes | |
Excluding power plants | No | No | Yes | |
Observations | 1332 | 1332 | 1198 | |
Adjusted R-squared | 0.204 | 0.208 | 0.216 | |
