Mechanism effect
| Variable | GI | DT | FC | |||
|---|---|---|---|---|---|---|
| H2a | H2b | H2c | ||||
| (1) | (2) | (3) | (4) | (5) | (6) | |
| DRI | 1.971*** (6.420) | 0.616*** (52.807) | 1.354*** (9.027) | 0.610*** (52.398) | −0.160*** (−3.093) | 0.619*** (53.168) |
| GI | 0.002*** (7.028) | |||||
| DT | 0.008*** (11.806) | |||||
| FC | −0.004** (−2.472) | |||||
| Constant | −4.060*** (−19.232) | 0.564*** (75.891) | −0.979*** (−10.855) | 0.563*** (76.340) | 2.103*** (65.336) | 0.565*** (69.651) |
| Controls | Yes | Yes | Yes | Yes | Yes | Yes |
| Industry fixed | Yes | Yes | Yes | Yes | Yes | Yes |
| Province fixed | Yes | Yes | Yes | Yes | Yes | Yes |
| N | 15,565 | 15,565 | 15,565 | 15,565 | 15,565 | 15,565 |
| R2 | 0.391 | 0.903 | 0.339 | 0.904 | 0.652 | 0.902 |
| Variable | ||||||
|---|---|---|---|---|---|---|
| (1) | (2) | (3) | (4) | (5) | (6) | |
| 1.971*** (6.420) | 0.616*** (52.807) | 1.354*** (9.027) | 0.610*** (52.398) | −0.160*** (−3.093) | 0.619*** (53.168) | |
| 0.002*** (7.028) | ||||||
| 0.008*** (11.806) | ||||||
| −0.004** (−2.472) | ||||||
| Constant | −4.060*** (−19.232) | 0.564*** (75.891) | −0.979*** (−10.855) | 0.563*** (76.340) | 2.103*** (65.336) | 0.565*** (69.651) |
| Controls | Yes | Yes | Yes | Yes | Yes | Yes |
| Industry fixed | Yes | Yes | Yes | Yes | Yes | Yes |
| Province fixed | Yes | Yes | Yes | Yes | Yes | Yes |
| 15,565 | 15,565 | 15,565 | 15,565 | 15,565 | 15,565 | |
| 0.391 | 0.903 | 0.339 | 0.904 | 0.652 | 0.902 | |
***, ** and *are significant at 1, 5 and 10% levels, respectively, with t-values in brackets