Table 9 Heterogeneity analysis (2) and (3).

From: Can carbon emission trading policies promote the withdrawal of government subsidies and the green development of enterprises? Empirical evidence from China’s A-share market

Variables

(1) SOEs

(2) PEs

(3) High

(4) Low

A: GS

Treat × Time

−0.769** (0.352)

−1.108*** (0.391)

−1.161*** (0.028)

−0.603** (0.011)

Fisher’s combination test

0.000***

0.011***

Observations

2165

3819

2768

3216

adj. R2

0.196

0.307

0.242

0.281

B: GP

Treat × Time

0.024*** (0.007)

0.106** (0.016)

0.087*** (0.022)

0.063*** (0.015)

Fisher’s combination test

0.012***

0.001***

Observations

2165

3819

2768

3216

adj. R2

0.316

0.205

0.199

0.310

Control variables

YES

YES

YES

YES

Individual FE

YES

YES

YES

YES

Province-Year FE

YES

YES

YES

YES

Industries-Year FE

YES

YES

YES

YES

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