4.3.3. Alternating the Explained Variable

The estimated results may be sensitive to different definitions of critical variables. To ensure whether the measurement of carbon emissions is robust, we use unweighted CO2 emissions (LnCO2\_2) as alternative measurements. The estimation result is shown in column (3) of Table 4. It can be seen that the coefficient on Treat\*Post is significantly negative with LnCO2\_2, suggesting that the basic conclusion remains unchanged even with the replacement of the core explanatory variables.
