The Heterogeneous Effects of FDI and Foreign Trade on CO₂ Emissions: Evidence from China

Table 5

OLS regression results.

Variables	Pooled OLS estimator	One-way fixed effects model	Two-way fixed effects model
Panel A. The effect of FDI on CO2 emissions
FDI	-0.0861(-6.0537)	-0.0303(-2.6362)	-0.0378(-3.2531)
GDP	-0.5464(-8.4726)	0.7252(4.3412)	0.5601(2.7978)
GDP^2	0.0409(9.9236)	-0.0220(-2.5783)	-0.0177(-1.8022)
ENC	0.4988(10.2447)	0.5895(17.1908)	0.5835(16.4875)
URB	0.3805(7.0839)	0.0270(0.7101)	0.0287(0.7517)
INDUS	0.7248(9.2724)	0.1521(2.5424)	0.1330(1.9823)
ENS	0.1023(2.0703)	0.5054(9.7519)	0.4718(9.0297)
POP	-0.1484(-5.6511)	-0.3451(-2.6001)	-0.5184(-3.3821)
Panel B. The effect of TRADE on CO2 emissions
TRADE	-0.0535(-3.5188)	-0.0436(-2.3486)	-0.1042(-4.4433)
GDP	-0.4669(-7.2834)	0.8256(4.6551)	0.5718(2.8822)
GDP^2	-0.1201(-4.5837)	-0.2640(-2.0332)	-0.6040(-3.9081)
ENC	0.0342(8.5707)	-0.0264(-2.9828)	-0.0208(-2.1235)
URB	0.5945(13.0392)	0.5927(17.2794)	0.5794(16.5106)
INDUS	0.3256(6.0314)	0.0410(1.0422)	0.0724(1.8236)
ENS	0.6118(7.9137)	0.1165(1.9366)	0.1068(1.6137)
POP	0.1328(2.6514)	0.5186(10.0467)	0.4788(9.3061)

Note: , , and denote the significance at 1%, 5%, and 10% level, respectively. Figures in parentheses are t-values.