Impact of Low-Carbon City Policy on Enterprise Investment Efficiency: Based on the Heterogeneity of Chinese Urban Culture

Table 1

Benchmark regression results.

Variables	(1)	(2)	(3)	(4)	(5)
	HTDID	HTDID	HTDID	HTDID	HTDID
LCC	-0.004	-0.004	-0.008	-0.008	-0.005
	(-2.60)	(-2.30)	(-4.04)	(-3.91)	(-2.25)
Size					-0.008
					(-3.74)
PE					0.000
					(1.23)
Subchange					0.008
					(1.34)
Dual					0.008
					(2.27)
Hhi					0.061
					(1.15)
Sgr					0.010
					(1.48)
Constant	0.046	-0.007	0.047	-0.040	0.026
	(8.04)	(-0.29)	(26.44)	(-1.34)	(0.64)
Observations	18,569	18,604	14,846	14,823	10,951
-squared	0.004	0.009	0.001	0.017	0.024
Control variables	No	No	No	No	Yes
Time fixed effects	No	No	Yes	Yes	Yes
Enterprise fixed effects	Yes	Yes	Yes	Yes	Yes
Province fixed effects	No	Yes	No	Yes	Yes
Industry fixed effects	Yes	No	No	Yes	Yes

Note: robust -statistics are in parentheses; , , and .