Spatial Effects of Carbon Emission Trading Policy on Energy Efficiency in China: Mediating Role of Financial Efficiency and Industrial Structure | Wuhan University Journal of Natural Sciences

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Table 7

Robustness test for changing the policy initiation time and replacement space weighting matrices

Variable	(1)PSM-DID	(2)Dynamic time window test	(3) W₁	(4) W₂
did2012		0.159^***(0.039)
did	0.416^*** (0.085)		0.249^***(0.040)	0.136^***(0.038)
Wdid2012		0.304^***(0.057)
Wdid			1.781^***(0.336)	0.497^***(0.070)
ρ		0.196^***(0.054)	-0.435^**(0.209)	0.016 (0.072)
Sigma2_e		0.015^***(0.001)	0.016^***(0.001)	0.015^***(0.001)
Control	Yes	Yes	Yes	Yes
Year-fixed	Yes	Yes	Yes	Yes
Province-fixed	Yes	Yes	Yes	Yes
N	390	390	390	390
R²	0.706	0.428	0.029	0.215

Note: ***, ** and * indicate passing the test of significance at the 1%, 5% and 10% levels, respectively. Values in parentheses are standard errors. Sigma2_e represents the variance estimate of the random perturbation term of the model which can evaluate the goodness of fit of the model.

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