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Table 2 
Determinants of Participation in VCO Programs in Developing Countries
 (1)(2)(3)(4)(5)(6)
VCO projectsVCO projects without China/IndiaVCSGSVCSGS
CDM 0.000868** (2.58) 0.0137* (2.56) 0.000853* (2.27) 0.00103* (2.57) 0.000931* (2.50) 0.00105** (2.58) 
  
Climate aid 0.282*** (3.71) 0.275*** (3.64) 0.217* (2.32) 0.359*** (3.52) 0.166 (1.69) 0.358** (3.15) 
  
Vulnerability 6.332* (2.54) 8.819*** (3.34) 5.780 (1.81) 11.29** (3.26) 2.949 (1.03) 9.998** (2.97) 
  
Renewables 0.243** (3.15) 0.223** (3.01) 0.316* (2.55) 0.183* (2.03)     
  
ENGOs 0.0144 (0.32) 0.0384 (0.82) 0.0176 (0.34) 0.0121 (0.20) 0.0419 (0.87) 0.0267 (0.44) 
  
Trade EU −0.127 (−0.90) −0.222 (−1.53) 0.176 (0.97) −0.242 (−1.40) 0.0970 (0.54) −0.159 (−0.93) 
  
GHG 0.478** (2.97) 0.398* (2.52) 0.240 (1.27) 0.504* (2.37) 0.366* (2.15) 0.511* (2.49) 
  
Civil liberties 0.670*** (4.43) 0.647*** (4.25) 0.707*** (4.16) 0.633** (2.86) 0.595*** (3.60) 0.528* (2.56) 
  
Policy targets         0.527** (2.76) 0.0667 (0.33) 
  
_cons −14.74*** (−4.63) −13.14*** (−4.05) −18.80*** (−4.45) −16.44*** (−4.04) −13.08** (−3.19) −15.10*** (−3.54) 
  
lnalpha_cons 0.185 (0.84) 0.156 (0.71) 0.310 (1.17) 0.609* (2.29) 0.267 (0.98) 0.633* (2.33) 
N 101 99 101 101 101 101 
 (1)(2)(3)(4)(5)(6)
VCO projectsVCO projects without China/IndiaVCSGSVCSGS
CDM 0.000868** (2.58) 0.0137* (2.56) 0.000853* (2.27) 0.00103* (2.57) 0.000931* (2.50) 0.00105** (2.58) 
  
Climate aid 0.282*** (3.71) 0.275*** (3.64) 0.217* (2.32) 0.359*** (3.52) 0.166 (1.69) 0.358** (3.15) 
  
Vulnerability 6.332* (2.54) 8.819*** (3.34) 5.780 (1.81) 11.29** (3.26) 2.949 (1.03) 9.998** (2.97) 
  
Renewables 0.243** (3.15) 0.223** (3.01) 0.316* (2.55) 0.183* (2.03)     
  
ENGOs 0.0144 (0.32) 0.0384 (0.82) 0.0176 (0.34) 0.0121 (0.20) 0.0419 (0.87) 0.0267 (0.44) 
  
Trade EU −0.127 (−0.90) −0.222 (−1.53) 0.176 (0.97) −0.242 (−1.40) 0.0970 (0.54) −0.159 (−0.93) 
  
GHG 0.478** (2.97) 0.398* (2.52) 0.240 (1.27) 0.504* (2.37) 0.366* (2.15) 0.511* (2.49) 
  
Civil liberties 0.670*** (4.43) 0.647*** (4.25) 0.707*** (4.16) 0.633** (2.86) 0.595*** (3.60) 0.528* (2.56) 
  
Policy targets         0.527** (2.76) 0.0667 (0.33) 
  
_cons −14.74*** (−4.63) −13.14*** (−4.05) −18.80*** (−4.45) −16.44*** (−4.04) −13.08** (−3.19) −15.10*** (−3.54) 
  
lnalpha_cons 0.185 (0.84) 0.156 (0.71) 0.310 (1.17) 0.609* (2.29) 0.267 (0.98) 0.633* (2.33) 
N 101 99 101 101 101 101 

Note. t-Statistics in parentheses.

*p < 0.05. **p < 0.01. ***p < 0.001.

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