Table 1

Baseline result

FEFEFEFE
(1) GWSH(2) GWSH(3) GWSH(4) GWSH
FD1−1.109** −1.733*** 
(−2.32) (−3.47) 
FD2 −0.137*** −0.181***
 (−3.14) (−3.93)
Dual−2.957−3.010−6.893**−7.150**
(−1.19)(−1.21)(−2.26)(−2.19)
FD1*Dual  2.013*** 
  (3.26) 
FD*Dual   0.191***
   (2.64)
Covid−0.262−0.264−0.303−0.311
(−0.57)(−0.57)(−0.66)(−0.68)
Gov4.587*4.5904.872*4.751*
(1.70)(1.64)(1.84)(1.70)
FZ−1.854−1.752−1.700−1.622
(-1.02)(-0.97)(-0.93)(-0.90)
Lev0.5570.5780.5430.568
(0.96)(1.02)(0.93)(0.98)
FP0.1680.1110.0539−0.0184
(0.10)(0.06)(0.03)(-0.01)
BZ0.823***0.591**0.889***0.602**
(2.98)(2.15)(3.18)(2.21)
GDP−0.129**−0.132**−0.133**−0.133**
(−2.42)(−2.48)(−2.49)(−2.48)
RQ−7.276−7.224−6.670−6.656
(−1.60)(−1.59)(−1.48)(−1.48)
Firm effectsYESYESYESYES
Constant38.4939.2135.3036.90
(0.99)(1.02)(0.91)(0.97)
Marginal effects    
Dual+(FD1Dual)  −4.8804* 
  (−1.80) 
Dual+(FD2Dual)   −6.9594**
   (−2.16)
N. Obs1,2661,2661,2661,266
N. Firms322322322322
R-Sq With0.04040.04330.04830.0492

Note(s): Robust t-statistics in parentheses * p < 0.1, **p < 0.05, ***p < 0.01 represent the significance level

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