Table 6 Stability test (1) (2) (3) (4)... | Emerald Publishing

Table 6

Stability test

	(1)	(2)	(3)	(4)
Parameter	Substitution of the dependent variable	PSM-DID	Change sample	Placebo test
DID	−0.0550***	−0.0156***	−0.0155***	−0.00371
DID	(0.021)	(0.005)	(0.005)	(0.006)
Transportation	−0.0284***	0.00273	0.000304	0.00163
Transportation	(0.009)	(0.002)	(0.002)	(0.002)
Labour	−0.407	0.774***	0.339**	0.317**
Labour	(0.657)	(0.201)	(0.154)	(0.148)
Government	−1.663***	0.262***	0.210***	0.224***
Government	(0.361)	(0.059)	(0.050)	(0.045)
FDI	0.000159	0.000610***	0.000593***	0.000588***
FDI	(0.000)	(0.000)	(0.000)	(0.000)
Population	−0.0882	0.0119	−0.00164	0.100**
Population	(0.060)	(0.017)	(0.015)	(0.046)
_cons	8.387***	10.74***	10.75***	10.81***
_cons	(0.439)	(0.108)	(0.096)	(0.030)
Fixed Effects	YES	YES	YES	YES
N	574	522	518	574
adj. R2	0.9832	0.9983	0.9981	0.9985

	(1)	(2)	(3)	(4)
Parameter	Substitution of the dependent variable	PSM-DID	Change sample	Placebo test
DID	−0.0550***	−0.0156***	−0.0155***	−0.00371
DID	(0.021)	(0.005)	(0.005)	(0.006)
Transportation	−0.0284***	0.00273	0.000304	0.00163
Transportation	(0.009)	(0.002)	(0.002)	(0.002)
Labour	−0.407	0.774***	0.339**	0.317**
Labour	(0.657)	(0.201)	(0.154)	(0.148)
Government	−1.663***	0.262***	0.210***	0.224***
Government	(0.361)	(0.059)	(0.050)	(0.045)
FDI	0.000159	0.000610***	0.000593***	0.000588***
FDI	(0.000)	(0.000)	(0.000)	(0.000)
Population	−0.0882	0.0119	−0.00164	0.100**
Population	(0.060)	(0.017)	(0.015)	(0.046)
_cons	8.387***	10.74***	10.75***	10.81***
_cons	(0.439)	(0.108)	(0.096)	(0.030)
Fixed Effects	YES	YES	YES	YES
N	574	522	518	574
adj. R2	0.9832	0.9983	0.9981	0.9985

Note(s): Standard errors in parentheses *p < 0.1, **p < 0.05, ***p < 0.01