Subsample analysis based on ownership structure, industry characteristics, and regulatory environment
| (1) | (2) | (3) | (4) | (5) | (6) | |
|---|---|---|---|---|---|---|
| State-owned | Non-state-owned | High-tech industry | Non-high-tech industry | High-regulation intensity | Low-regulation intensity | |
| DF | −0.0021 | −0.0111* | −0.0096* | −0.0111 | −0.0069 | −0.0143* |
| (−0.1010) | (−1.9611) | (−1.6951) | (−0.7446) | (−0.8598) | (−1.7203) | |
| Controls | Yes | Yes | Yes | Yes | Yes | Yes |
| Year/city fixed effects | Yes | Yes | Yes | Yes | Yes | Yes |
| N | 279 | 3,453 | 3,052 | 680 | 2085 | 1647 |
| Within R2 | 0.3267 | 0.3902 | 0.3731 | 0.4117 | 0.3829 | 0.3879 |
| (1) | (2) | (3) | (4) | (5) | (6) | |
|---|---|---|---|---|---|---|
| State-owned | Non-state-owned | High-tech industry | Non-high-tech industry | High-regulation intensity | Low-regulation intensity | |
| DF | −0.0021 | −0.0111* | −0.0096* | −0.0111 | −0.0069 | −0.0143* |
| (−0.1010) | (−1.9611) | (−1.6951) | (−0.7446) | (−0.8598) | (−1.7203) | |
| Controls | Yes | Yes | Yes | Yes | Yes | Yes |
| Year/city fixed effects | Yes | Yes | Yes | Yes | Yes | Yes |
| 279 | 3,453 | 3,052 | 680 | 2085 | 1647 | |
| Within | 0.3267 | 0.3902 | 0.3731 | 0.4117 | 0.3829 | 0.3879 |
Note(s): * Significant at the 10% confidence level
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