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

Table 5

Heterogeneity.

Variables	Different geographical locations			Different levels of economic development
	East	Middle	West	Low	Medium	High
TT	−0.499	−0.556	−0.039	−0.168	−0.377	−0.394
	(−1.82)	(−3.39)	(−0.25)	(−1.98)	(−3.08)	(−1.37)
Control variables	Y	Y	Y	Y	Y	Y
Urban fixed	Y	Y	Y	Y	Y	Y
Year fixed	Y	Y	Y	Y	Y	Y
R^2	0.119	0.105	0.106	0.087	0.081	0.132

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