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

Table 6

Robustness tests results.

Variables	(1)	(2)	(3)
TT	0.047	−0.521	0.390
	(0.32)	(−3.78)	(−2.32)
ETS			−0.232
			−(1.62)
Control variables	Y	Y	Y
Urban fixed effects	Y	Y	Y
Year fixed effects	Y	Y	Y
N	2493	2493	2493
R^2	0.083	0.054	0.082

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