Climate effects on the diversification strategy of export firms: Evidence from China

Table 5. I. Climate adaptation. II. Climate adaptation. Ш. Climate adaptation. (1) (2) (3) (4) Variables Ptrade Gtrade Underdevelope Advance <-7˚C -0.2423*** -0.0083 -0.2419*** -0.0019 (0.076) (0.026) (0.075) (0.032) -7~2˚C -0.1422*** -0.0146 -0.1516** -0.0184 (0.055) (0.018) (0.061) (0.023) -2~3˚C -0.1062** -0.0038 -0.1090** -0.0109 (0.042) (0.015) (0.043) (0.017) 3~8˚C -0.0526* -0.0056 -0.0725** 0.0096 (0.030) (0.011) (0.034) (0.012) 13~18˚C 0.0072 0.0183 0.0003 -0.0277** (0.025) (0.019) (0.030) (0.013) 18~23˚C -0.1533** -0.0271 -0.1593*** -0.0055 (0.063) (0.019) (0.058) (0.018) 23~28˚C -0.1271** -0.0515* -0.1252*** -0.0101 (0.052) (0.027) (0.046) (0.021) �28˚C -0.1258** -0.0630* -0.1325*** -0.0443* (0.054) (0.034) (0.047) (0.024) CV Yes Yes Yes Yes FE Yes Yes Yes Yes Observations 1,630,475 1,105,352 1,502,227 1,464,566 R2 0.799 0.754 0.733 0.772 (1) (2) (3) (4) Variables Developing Developed Lenergy Henergy <-7˚C -0.0290 -0.9541*** -61.4848** -0.1229 (0.038) (0.262) (25.898) (0.184) -7~2˚C -0.0205 -0.6688*** -0.6884 -0.1681 (0.024) (0.199) (0.459) (0.154) -2~3˚C -0.0288* -0.4899*** -0.5962** -0.1130 (0.016) (0.154) (0.237) (0.144) 3~8˚C 0.0085 -0.4106*** -0.5227*** 0.0529 (0.013) (0.134) (0.172) (0.112) 13~18˚C 0.0162 -0.0185 0.0265 -0.2330** (0.012) (0.079) (0.092) (0.113) 18~23˚C 0.0091 -0.2476** -0.2500* -0.2280 (0.016) (0.121) (0.142) (0.148) 23~28˚C 0.0122 -0.2516** -0.2647 -0.2070 (0.018) (0.122) (0.165) (0.134)

�28˚C 0.0039 -0.4037*** -0.4060** -0.1417 (0.019) (0.144) (0.165) (0.124) CV Yes Yes Yes Yes Firm FE Yes Yes Yes Yes Observations 1,505,678 1,463,285 882,233 561,632 R2 0.703 0.760 0.776 0.748 (1) (2) (3) (4) Variables Northern Cities Southern Cities Cold Cities Hot Cities <-7˚C -0.0281 0.0711 -0.0372 3.2633 (0.042) (0.161) (0.037) (2.762) (Continued) PLOS ONE Climate effects on the diversification strategy of export firms PLOS ONE | https://doi.org/10.1371/journal.pone.0308391 August 16, 2024 15 / 28