Robustness check: extending the analysis window
| Variables | 4 years | 5 years | 6 years | 7 years | 8 years |
|---|---|---|---|---|---|
| Dpt−1 | 13.133** (5.785) | 11.031** (5.543) | 13.222** (6.712) | 12.099* (6.576) | 12.003* (6.559) |
| Constant | −100.183 (172.729) | 52.344 (149.554) | −56.570 (182.484) | −84.732 (143.614) | −240.102 (154.905) |
| Firm-level characteristics | Yes | Yes | Yes | Yes | Yes |
| City-level characteristics | Yes | Yes | Yes | Yes | Yes |
| Industry FE | Yes | Yes | Yes | Yes | Yes |
| Province FE | Yes | Yes | Yes | Yes | Yes |
| Year FE | Yes | Yes | Yes | Yes | Yes |
| Observations | 11,001 | 11,325 | 11,612 | 11,721 | 11,738 |
| R-squared | 0.036 | 0.035 | 0.030 | 0.029 | 0.029 |
| Variables | |||||
|---|---|---|---|---|---|
| 13.133** (5.785) | 11.031** (5.543) | 13.222** (6.712) | 12.099* (6.576) | 12.003* (6.559) | |
| Constant | −100.183 (172.729) | 52.344 (149.554) | −56.570 (182.484) | −84.732 (143.614) | −240.102 (154.905) |
| Firm-level characteristics | Yes | Yes | Yes | Yes | Yes |
| City-level characteristics | Yes | Yes | Yes | Yes | Yes |
| Industry FE | Yes | Yes | Yes | Yes | Yes |
| Province FE | Yes | Yes | Yes | Yes | Yes |
| Year FE | Yes | Yes | Yes | Yes | Yes |
| Observations | 11,001 | 11,325 | 11,612 | 11,721 | 11,738 |
| 0.036 | 0.035 | 0.030 | 0.029 | 0.029 |
Note(s): Standard errors are clustered at city-level and reported in parentheses; *, ** and *** denote significance at the 10%, 5% and 1% levels