Table 2. Robustness checks based on a...

Table 2.

Robustness checks based on a more stringent classification of regional clusters

Dep.Var	N.PAT	N.PAT	RTA	RTA	INT.COL	INT.COL	EXT.COL	EXT.COL
Lag	t + 1	t + 3	t + 1	t + 3	t + 1	t + 3	t + 1	t + 3
Model n.	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)
Constant	−4.776 (2.932)	−6.608* (3.201)	−0.985 (5.846)	−12.638* (5.179)	−2.494 (2.543)	−5.817* (2.885)	−2.565 (1.591)	−0.944 (1.528)
N.CBA	0.144** (0.047)	0.104* (0.051)	0.040 (0.046)	−0.034 (0.048)	0.189*** (0.053)	0.130* (0.054)	0.064 (0.044)	0.098 (0.051)
Cluster controls
IND.SIZE	0.115 (0.085)	0.139 (0.087)	0.169* (0.067)	0.188* (0.075)	0.034 (0.075)	0.047 (0.077)	0.002 (0.039)	0.00001 (0.041)
IND.RTA	0.118*** (0.025)	0.113*** (0.033)	0.188*** (0.046)	0.102 (0.066)	0.095*** (0.022)	0.092*** (0.026)	0.033*** (0.010)	0.037*** (0.011)
Region controls
PAT.CAP	0.034 (0.041)	0.036 (0.034)	−0.058 (0.053)	0.031 (0.073)	0.022 (0.033)	0.014 (0.031)	0.010 (0.015)	0.007 (0.017)
REG.DIV	0.205* (0.081)	0.209* (0.083)	0.128 (0.104)	0.298** (0.115)	0.151* (0.074)	0.076 (0.078)	0.064 (0.048)	0.007 (0.048)
EMP.RATE	0.487 (0.373)	1.021* (0.444)	0.606 (0.617)	2.476** (0.803)	0.077 (0.291)	0.717* (0.357)	−0.100 (0.184)	0.302 (0.208)
HUM.CAP	0.244 (0.172)	0.318 (0.186)	0.050 (0.221)	0.653 (0.386)	0.001 (0.144)	0.047 (0.206)	0.116 (0.112)	−0.054 (0.159)
POP.DEN	0.385 (0.456)	0.249 (0.513)	−0.342 (1.026)	0.045 (0.739)	0.364 (0.459)	0.572 (0.508)	0.570 (0.323)	−0.055 (0.332)
Region FE	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Industry FE	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Time FE	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
R²	0.931	0.931	0.496	0.501	0.900	0.896	0.871	0.880
Adjusted R²	0.922	0.921	0.429	0.426	0.886	0.880	0.854	0.862
F Statistic	102.217***	89.558***	7.419***	6.647***	67.684***	56.781***	50.830***	48.421***

Dep.Var	N.PAT	N.PAT	RTA	RTA	INT.COL	INT.COL	EXT.COL	EXT.COL
Lag	t + 1	t + 3	t + 1	t + 3	t + 1	t + 3	t + 1	t + 3
Model n.	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)
Constant	−4.776 (2.932)	−6.608* (3.201)	−0.985 (5.846)	−12.638* (5.179)	−2.494 (2.543)	−5.817* (2.885)	−2.565 (1.591)	−0.944 (1.528)
N.CBA	0.144** (0.047)	0.104* (0.051)	0.040 (0.046)	−0.034 (0.048)	0.189*** (0.053)	0.130* (0.054)	0.064 (0.044)	0.098 (0.051)
Cluster controls
IND.SIZE	0.115 (0.085)	0.139 (0.087)	0.169* (0.067)	0.188* (0.075)	0.034 (0.075)	0.047 (0.077)	0.002 (0.039)	0.00001 (0.041)
IND.RTA	0.118*** (0.025)	0.113*** (0.033)	0.188*** (0.046)	0.102 (0.066)	0.095*** (0.022)	0.092*** (0.026)	0.033*** (0.010)	0.037*** (0.011)
Region controls
PAT.CAP	0.034 (0.041)	0.036 (0.034)	−0.058 (0.053)	0.031 (0.073)	0.022 (0.033)	0.014 (0.031)	0.010 (0.015)	0.007 (0.017)
REG.DIV	0.205* (0.081)	0.209* (0.083)	0.128 (0.104)	0.298** (0.115)	0.151* (0.074)	0.076 (0.078)	0.064 (0.048)	0.007 (0.048)
EMP.RATE	0.487 (0.373)	1.021* (0.444)	0.606 (0.617)	2.476** (0.803)	0.077 (0.291)	0.717* (0.357)	−0.100 (0.184)	0.302 (0.208)
HUM.CAP	0.244 (0.172)	0.318 (0.186)	0.050 (0.221)	0.653 (0.386)	0.001 (0.144)	0.047 (0.206)	0.116 (0.112)	−0.054 (0.159)
POP.DEN	0.385 (0.456)	0.249 (0.513)	−0.342 (1.026)	0.045 (0.739)	0.364 (0.459)	0.572 (0.508)	0.570 (0.323)	−0.055 (0.332)
Region FE	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Industry FE	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Time FE	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
R²	0.931	0.931	0.496	0.501	0.900	0.896	0.871	0.880
Adjusted R²	0.922	0.921	0.429	0.426	0.886	0.880	0.854	0.862
F Statistic	102.217***	89.558***	7.419***	6.647***	67.684***	56.781***	50.830***	48.421***

Notes:

*p < 0.05; **p < 0.01; ***p < 0.001; clustered (at region level) robust standard errors are in parentheses; regional clusters are defined as industry-region pairs with RCA > 3

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