Heterogeneity tests
| Variables | Firm size | Ownership | Government interference | |||
|---|---|---|---|---|---|---|
| Large | Small | SOE | Non-SOE | Intensive | Light | |
| Dpt−1 | 3.976 (9.036) | 14.344** (6.432) | 10.965 (7.214) | 11.486 (10.735) | 19.650** (8.891) | 5.419 (8.884) |
| Constant | −94.641 (102.871) | 397.477** (183.169) | 256.956* (155.731) | 16.990 (283.167) | 446.016* (253.418) | −44.374 (90.559) |
| Firm-levelcharacteristics | Yes | Yes | Yes | Yes | Yes | Yes |
| City-levelcharacteristics | Yes | Yes | Yes | Yes | Yes | Yes |
| Industry FE | Yes | Yes | Yes | Yes | Yes | Yes |
| Province FE | Yes | Yes | Yes | Yes | Yes | Yes |
| Year FE | Yes | Yes | Yes | Yes | Yes | Yes |
| Observations | 1,578 | 8,907 | 3,950 | 6,535 | 7,536 | 2,949 |
| R-squared | 0.133 | 0.038 | 0.067 | 0.048 | 0.044 | 0.099 |
| Variables | Firm size | Ownership | Government interference | |||
|---|---|---|---|---|---|---|
| Large | Small | SOE | Non-SOE | Intensive | Light | |
| 3.976 (9.036) | 14.344** (6.432) | 10.965 (7.214) | 11.486 (10.735) | 19.650** (8.891) | 5.419 (8.884) | |
| Constant | −94.641 (102.871) | 397.477** (183.169) | 256.956* (155.731) | 16.990 (283.167) | 446.016* (253.418) | −44.374 (90.559) |
| Firm-levelcharacteristics | Yes | Yes | Yes | Yes | Yes | Yes |
| City-levelcharacteristics | Yes | Yes | Yes | Yes | Yes | Yes |
| Industry FE | Yes | Yes | Yes | Yes | Yes | Yes |
| Province FE | Yes | Yes | Yes | Yes | Yes | Yes |
| Year FE | Yes | Yes | Yes | Yes | Yes | Yes |
| Observations | 1,578 | 8,907 | 3,950 | 6,535 | 7,536 | 2,949 |
| 0.133 | 0.038 | 0.067 | 0.048 | 0.044 | 0.099 | |
Note(s): Standard errors are clustered at city-level and reported in parentheses; *, ** and *** denote significance at the 10%, 5% and 1% levels