Robustness check: sample restrictions
| Variables | (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) | (9) | (10) |
|---|---|---|---|---|---|---|---|---|---|---|
| Overall | vat | Bt | Cit | iit | Overall | vat | bt | cit | iit | |
| Dpt−1 | 14.778** (5.750) | 47.580** (18.806) | 41.212** (17.463) | 45.844** (24.385) | 44.658** (18.923) | 17.666* (9.601) | 68.196** (31.867) | 60.531** (29.818) | 45.586 (33.767) | 36.678 (27.786) |
| Constant | −89.559 (223.898) | −82.068 (221.805) | −79.497 (220.825) | −81.383 (226.064) | −84.507 (222.387) | 869.663*** (170.857) | 898.234*** (171.746) | 898.802*** (172.184) | 863.941*** (172.788) | 260.880 (165.114) |
| Firm-level characteristics | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| City-level characteristics | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Industry FE | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Province FE | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Year FE | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Observations | 9,204 | 9,204 | 9,204 | 9,204 | 9,204 | 7,076 | 7,076 | 7,076 | 7,076 | 7,076 |
| R-squared | 0.039 | 0.039 | 0.039 | 0.039 | 0.039 | 0.060 | 0.060 | 0.060 | 0.060 | 0.060 |
| Variables | (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) | (9) | (10) |
|---|---|---|---|---|---|---|---|---|---|---|
| 14.778** (5.750) | 47.580** (18.806) | 41.212** (17.463) | 45.844** (24.385) | 44.658** (18.923) | 17.666* (9.601) | 68.196** (31.867) | 60.531** (29.818) | 45.586 (33.767) | 36.678 (27.786) | |
| Constant | −89.559 (223.898) | −82.068 (221.805) | −79.497 (220.825) | −81.383 (226.064) | −84.507 (222.387) | 869.663*** (170.857) | 898.234*** (171.746) | 898.802*** (172.184) | 863.941*** (172.788) | 260.880 (165.114) |
| Firm-level characteristics | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| City-level characteristics | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Industry FE | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Province FE | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Year FE | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Observations | 9,204 | 9,204 | 9,204 | 9,204 | 9,204 | 7,076 | 7,076 | 7,076 | 7,076 | 7,076 |
| 0.039 | 0.039 | 0.039 | 0.039 | 0.039 | 0.060 | 0.060 | 0.060 | 0.060 | 0.060 |
Note(s): Standard errors are clustered at city-level and reported in parentheses; *, ** and *** denote significance at the 10%, 5% and 1% levels