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

Table 4

Baseline regression results.

Variables	(1)	(2)	(3)	(4)	(5)	(6)
TT	−0.422	−0.418	−0.232	−0.338	−0.334	−0.20
	(−3.81)	(−3.07)	(−2.70)	(−3.21)	(−2.99)	(−1.50)
PGDP		0.516		0.643		0.477
		(2.07)		(3.41)		(2.13)
FTZ		−0.17		−0.17		0.08
		(−1.43)		(−1.87)		(−0.74)
XFP		0.11		0.04		0.03
		(0.51)		(0.22)		(0.16)
CZRZZL		0.01		0.01		0.01
		(1.45)		(0.99)		(1.16)
PERLZB		0.087		0.071		0.131
		(2.04)		(2.20)		(2.17)
PEEDUTCH		0.70		0.21		0.63
		(0.73)		(0.29)		(0.73)
CAIGOU		0.04		−0.05		−0.001
		(0.36)		(−0.61)		(−0.01)
PECHUAN		−0.018		−0.005		−0.032
		(−9.52)		(−3.30)		(−13.74)
PEPOST		0.004		0.002		0.005
		(3.73)		(2.51)		(3.53)
cons_	0.334	−6.50	0.260	−6.212	0.180	−4.95
	(5.22)	(−1.79)	(5.36)	(−2.28)	(3.04)	(−1.55)
Urban fixed	Y	Y	Y	Y	Y	Y
Year fixed	Y	Y	Y	Y	Y	Y
N	2493	2493	2412	2412	2205	2205
R^2	0.024	0.088	0.023	0.051	0.015	0.130

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