Reverse causality test
| Variables | Overall | vat | bt | cit | iit |
|---|---|---|---|---|---|
| Dpt−1 | 14.903** (7.270) | 51.677** (24.262) | 36.779 (23.729) | 34.694 (26.086) | 39.320* (21.027) |
| Dpt+1 | 1.795 (6.192) | −4.973 (22.606) | −3.469 (20.411) | 22.686 (22.462) | 13.535 (20.823) |
| Constant | −31.332 (174.067) | −10.861 (181.032) | −12.671 (181.024) | −53.401 (178.006) | −48.789 (174.250) |
| 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 | 8,742 | 8,742 | 8,742 | 8,742 | 8,742 |
| R-squared | 0.050 | 0.050 | 0.050 | 0.050 | 0.050 |
| Variables | |||||
|---|---|---|---|---|---|
| 14.903** (7.270) | 51.677** (24.262) | 36.779 (23.729) | 34.694 (26.086) | 39.320* (21.027) | |
| 1.795 (6.192) | −4.973 (22.606) | −3.469 (20.411) | 22.686 (22.462) | 13.535 (20.823) | |
| Constant | −31.332 (174.067) | −10.861 (181.032) | −12.671 (181.024) | −53.401 (178.006) | −48.789 (174.250) |
| 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 | 8,742 | 8,742 | 8,742 | 8,742 | 8,742 |
| 0.050 | 0.050 | 0.050 | 0.050 | 0.050 |
Note(s): Standard errors are clustered at city-level and reported in parentheses; *, ** and *** denote significance at the 10%, 5% and 1% levels
Sharing content requires targeting cookies to be enabled. Please update your cookie preferences to use this feature.