Table 6 Counterfactual analysis.

From: Market-incentive environmental regulation and total factor energy efficiency: evidence from China’s energy-consuming right trading pilot

Variables

(1)

(2)

(3)

(4)

TFEE

TFEE

TFEE

TFEE

Random1

0.085

   
 

(0.078)

   

Random2

 

0.009

  
  

(0.056)

  

Treat×Post16

  

0.052

 
   

(0.038)

 

Treat×Post15

   

0.060

    

(0.039)

Control

YES

YES

YES

YES

Constant

1.823

−2.569

−0.426

−0.425

 

(4.001)

(4.103)

(2.778)

(2.774)

Obs

1537

1539

3080

3080

R-squared

0.661

0.820

0.696

0.696

City FE

YES

YES

YES

YES

Year FE

YES

YES

YES

YES

  1. Robust standard errors after clustering are in the parentheses.
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