Placebo test: effect of fictitious environmental clauses three years before and after implementation
| (1) | (2) | |
|---|---|---|
| FDI_ outward | FDI_ outward | |
| GDP_i | 0.765*** | 0.765*** |
| (32.95) | (32.92) | |
| GDP_j | 0.741*** | 0.742*** |
| (40.27) | (40.35) | |
| Language | 0.722*** | 0.723*** |
| (8.50) | (8.53) | |
| Distance | −0.771*** | −0.771*** |
| (−24.31) | (−24.31) | |
| Contiguity | 0.480*** | 0.447*** |
| (3.99) | (5.98) | |
| Trade_gdp | 0.00873*** | 0.00874*** |
| (6.81) | (6.94) | |
| placebo_before | 0.0389 | |
| (0.38) | ||
| placebo_after | 0.00579 | |
| (0.11) | ||
| Constant | −27.28*** | −27.27*** |
| (−34.73) | (−34.93) | |
| Observations | 2,891 | 2,891 |
| Pseudo R2 | 0.749 | 0.749 |
| (1) | (2) | |
|---|---|---|
| FDI_ outward | FDI_ outward | |
| GDP_i | 0.765*** | 0.765*** |
| (32.95) | (32.92) | |
| GDP_j | 0.741*** | 0.742*** |
| (40.27) | (40.35) | |
| Language | 0.722*** | 0.723*** |
| (8.50) | (8.53) | |
| Distance | −0.771*** | −0.771*** |
| (−24.31) | (−24.31) | |
| Contiguity | 0.480*** | 0.447*** |
| (3.99) | (5.98) | |
| Trade_gdp | 0.00873*** | 0.00874*** |
| (6.81) | (6.94) | |
| placebo_before | 0.0389 | |
| (0.38) | ||
| placebo_after | 0.00579 | |
| (0.11) | ||
| Constant | −27.28*** | −27.27*** |
| (−34.73) | (−34.93) | |
| Observations | 2,891 | 2,891 |
| Pseudo | 0.749 | 0.749 |
Note(s): t statistics in parentheses
*p < 0.05, **p < 0.01, ***p < 0.001
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