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 8

Heterogeneity analysis

Variable	(1) Eastern regions	(2) Central regions	(3) Western regions	(4) High law enforcement	(5) Low law enforcement	(6) High pollution	(7) Low pollution
did	0.186^***(0.048)	0.206^***(0.049)	0.214^***(0.061)	0.320^***(0.049)	0.246^***(0.037)	0.271^***(0.081)	0.209^***(0.044)
Wdid	0.276^***(0.060)	0.291^***(0.066)	0.214^***(0.075)	0.021(0.103)	0.347^***(0.046)	2.075^***(0.268)	0.223^***(0.057)
ρ	-0.221^***(0.069)	-0.397^***(0.097)	-0.096(0.110)	-0.133(0.096)	0.305^***(0.060)	-0.170(0.111)	0.011(0.064)
Sigma2_e	0.011^***(0.001)	0.001^***(0.000)	0.005^***(0.001)	0.006^***(0.001)	0.007^***(0.001)	0.008^***(0.001)	0.012^***(0.001)
Control	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Year-fixed	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Province-fixed	Yes	Yes	Yes	Yes	Yes	Yes	Yes
N	169	78	143	117	273	169	221
R²	0.350	0.700	0.593	0.786	0.676	0.687	0.085

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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