(1)

(2)

Variable

In_gapp

In_gapp

Low_carbon*before

0.074

(1.06)

Low_carbon*after

0.167***

(4.12)

Low_carbon*time(−2)

−0.035

(−0.44)

Low_carbon*time(−1)

0.147

(1.10)

Low_carbon*time(1)

0.163***

(3.85)

Low_carbon*time(2)

0.206***

(3.89)

Year

control

control

Company

control

control