Table 6. Robustness checks: one-period...

Table 6.

Robustness checks: one-period lag effect

Variables	Model 1	Model 2	Model 3
Variables	Innovation	Innovation	Innovation
LFTs	1.025*** (25.27)
LCTs		0.833*** (11.89)
LGPTs			1.211*** (5.82)
Constant	0.158 (1.61)	0.527*** (3.25)	0.449*** (2.65)
Observations	1,287	1,287	1,287
R-squared	0.973	0.963	0.945
control	Yes	Yes	Yes
City FE	Yes	Yes	Yes
Year FE	Yes	Yes	Yes
Robustness checks: two-period lag effect
L2FTs	1.285*** (9.50)
L2CTs		0.910*** (5.54)
L2GPTs			2.020*** (5.17)
Constant	0.124 (0.69)	0.569* (1.71)	0.533 (1.63)

Observations	1,170	1,170	1,170
R-squared	0.969	0.964	0.966
Control	Yes	Yes	Yes
City FE	Yes	Yes	Yes
Year FE	Yes	Yes	Yes
Robustness checks: three-period lag effect
L3FTs	1.800*** (11.32)
L3CTs		1.021*** (5.08)
L3GPTs			2.883*** (7.06)
Constant	−0.010 (−0.07)	0.593 (1.51)	0.539* (1.83)
Observations	1,053	1,053	1,053
R-squared	0.970	0.965	0.978
control	Yes	Yes	Yes
City FE	Yes	Yes	Yes
Year FE	Yes	Yes	Yes

Variables	Model 1	Model 2	Model 3
Variables	Innovation	Innovation	Innovation
LFTs	1.025*** (25.27)
LCTs		0.833*** (11.89)
LGPTs			1.211*** (5.82)
Constant	0.158 (1.61)	0.527*** (3.25)	0.449*** (2.65)
Observations	1,287	1,287	1,287
R-squared	0.973	0.963	0.945
control	Yes	Yes	Yes
City FE	Yes	Yes	Yes
Year FE	Yes	Yes	Yes
Robustness checks: two-period lag effect
L2FTs	1.285*** (9.50)
L2CTs		0.910*** (5.54)
L2GPTs			2.020*** (5.17)
Constant	0.124 (0.69)	0.569* (1.71)	0.533 (1.63)

Observations	1,170	1,170	1,170
R-squared	0.969	0.964	0.966
Control	Yes	Yes	Yes
City FE	Yes	Yes	Yes
Year FE	Yes	Yes	Yes
Robustness checks: three-period lag effect
L3FTs	1.800*** (11.32)
L3CTs		1.021*** (5.08)
L3GPTs			2.883*** (7.06)
Constant	−0.010 (−0.07)	0.593 (1.51)	0.539* (1.83)
Observations	1,053	1,053	1,053
R-squared	0.970	0.965	0.978
control	Yes	Yes	Yes
City FE	Yes	Yes	Yes
Year FE	Yes	Yes	Yes

Note(s):

***p < 0.01 and *p < 0.1

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