Table 8 Mechanism analysis based on cost... | Emerald Publishing

Table 8

Mechanism analysis based on cost and information effects

	(1)	(2)	(3)	(4)
	Cost	FC	Transparency	FC
DF	−0.0044^**	−0.0117	0.1377^*	−0.0038
DF	(−2.3369)	(−1.0168)	(1.6717)	(−0.6503)
Transparency				−0.0132^***
Transparency				(−6.5797)
Cost		0.4485^*
Cost		(1.9122)
Controls	Yes	Yes	Yes	Yes
Year/city fixed effects	Yes	Yes	Yes	Yes
N	2,343	2,343	2,578	2,578

	(1)	(2)	(3)	(4)
	Cost	FC	Transparency	FC
DF	−0.0044^**	−0.0117	0.1377^*	−0.0038
DF	(−2.3369)	(−1.0168)	(1.6717)	(−0.6503)
Transparency				−0.0132^***
Transparency				(−6.5797)
Cost		0.4485^*
Cost		(1.9122)
Controls	Yes	Yes	Yes	Yes
Year/city fixed effects	Yes	Yes	Yes	Yes
N	2,343	2,343	2,578	2,578

Note(s): * Significant at the 10% lelvel, ** significant at the 5% confidence level, *** significant at the 1% confidence level