Table 11 Heterogeneity tests.
From: Poison or catalyst? How do energy saving targets matter for firm-level productivity in China
Variables | Regional Characteristics | Types of Enterprises | Industry Characteristics | ||||
|---|---|---|---|---|---|---|---|
Eastern | Non-Eastern | SOE | Non-SOE | Mining | Manufacturing | Power, Gas, and Water Production and Supply | |
Model 40 | Model 41 | Model 42 | Model 43 | Model 44 | Model 45 | Model 46 | |
target | 0.00550** | 0.02439*** | 0.01546*** | 0.01380*** | 0.02219* | 0.01979*** | 0.11068*** |
(0.0026) | (0.0031) | (0.0047) | (0.0022) | (0.0117) | (0.0026) | (0.0065) | |
target2 | −0.00014*** | −0.00025*** | −0.00011*** | −0.00022*** | −0.00027 | −0.00024*** | −0.00208*** |
(0.0000) | (0.0000) | (0.0000) | (0.0000) | (0.0002) | (0.0000) | (0.0002) | |
roa | 0.1233*** | 0.1307*** | 0.1364*** | 0.1276*** | 0.0136*** | 0.0019*** | 0.0058*** |
(0.0051) | (0.0052) | (0.0196) | (0.0037) | (0.0033) | (0.0003) | (0.0010) | |
lev | −0.1850*** | −0.1463*** | −0.1107* | −0.1590*** | −0.2971*** | −0.1597*** | −0.0455 |
(0.0236) | (0.0237) | (0.0626) | (0.0174) | (0.0771) | (0.0183) | (0.0311) | |
fixed | −0.1439*** | −0.1465*** | −0.1282* | −0.1611*** | −0.1718** | −0.3456*** | −0.00950 |
(0.0292) | (0.0287) | (0.0687) | (0.0213) | (0.0792) | (0.0232) | (0.0435) | |
size | 0.4782*** | 0.4150*** | 0.5132*** | 0.4381*** | 0.4410*** | 0.4670*** | 0.3771*** |
(0.0067) | (0.0066) | (0.0181) | (0.0049) | (0.0190) | (0.0055) | (0.0135) | |
SOE | −0.1197*** | −0.0931** | —— —— | —— —— | 0.0721 | −0.1635*** | −0.0148 |
(0.0410) | (0.0366) | (0.0914) | (0.0414) | (0.0441) | |||
export | 0.0193 | 0.0209 | 0.0241 | 0.0291** | 0.0429 | 0.0367** | −0.0232 |
(0.0145) | (0.0245) | (0.0530) | (0.0134) | (0.1122) | (0.0143) | (0.1089) | |
age | −0.0031*** | −0.0026*** | −0.00180 | −0.0030*** | −0.0050*** | −0.0032*** | 0.00220 |
(0.0008) | (0.0008) | (0.0012) | (0.0007) | (0.0019) | (0.0007) | (0.0013) | |
marketshare | 0.1569*** | 0.1693*** | 0.1077*** | 0.1747*** | 0.0875*** | 0.0856*** | 0.0996*** |
(0.0034) | (0.0049) | (0.0065) | (0.0032) | (0.0118) | (0.0022) | (0.0061) | |
Constant | 2.6456*** | 3.0326*** | 2.2589*** | 2.8759*** | 3.2935*** | 2.9771*** | 2.1034*** |
(0.1637) | (0.0724) | (0.2039) | (0.0655) | (0.2876) | (0.0654) | (0.1371) | |
year | YES | YES | YES | YES | YES | YES | YES |
industry | YES | YES | YES | YES | YES | YES | YES |
province | YES | YES | YES | YES | YES | YES | YES |
N | 10688 | 10446 | 1460 | 19674 | 1173 | 17547 | 2414 |
R-sq | 0.7539 | 0.6870 | 0.8152 | 0.7210 | 0.7126 | 0.6646 | 0.7817 |
Turning point | 19.6 | 49.2 | 69 | 30.8 | 41.2 | 40.6 | 26.6 |
