Robustness check–firms' entry and exit
| Variables | Overall | Vat | bt | cit | iit |
|---|---|---|---|---|---|
| Dpt−1 | 13.007* (7.349) | 38.375 (25.755) | 34.909 (26.051) | 40.563 (31.444) | 46.368* (24.150) |
| Constant | 28.768 (261.527) | 41.166 (257.288) | 40.916 (255.725) | 20.160 (252.000) | 15.733 (262.217) |
| 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 | 5,874 | 5,874 | 5,874 | 5,874 | 5,874 |
| R-squared | 0.054 | 0.054 | 0.054 | 0.054 | 0.054 |
| Variables | |||||
|---|---|---|---|---|---|
| 13.007* (7.349) | 38.375 (25.755) | 34.909 (26.051) | 40.563 (31.444) | 46.368* (24.150) | |
| Constant | 28.768 (261.527) | 41.166 (257.288) | 40.916 (255.725) | 20.160 (252.000) | 15.733 (262.217) |
| 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 | 5,874 | 5,874 | 5,874 | 5,874 | 5,874 |
| 0.054 | 0.054 | 0.054 | 0.054 | 0.054 |
Note(s): Standard errors are clustered at city-level and reported in parentheses; *, ** and *** denote significance at the 10%, 5% and 1% levels