The Impact of China’s Low-Carbon Initiative on the Location Expansion of International SPA Enterprises

Table 3

Parallel trend test regression results.

TT	(1)
Before4	0.258
	(1.15)
Before3	−0.373
	(−1.57)
Before2	−0.482
	(−1.28)
Before1	−0.227
	(−0.80)
Current	−0.929
	(−2.76)
Affter1	−0.507
	(−2.09)
Cons_	0.334
	(6.24)
Urban fixed	Y
Year fixed	Y
R^2	0.038

^∗, ^∗∗, and ^∗∗∗ denote 10%, 5% and 1% significance levels, respectively.