Robustness checks based on the complementary effect of CBAs outside the regional cluster
| Dep.Var | c.N.PAT | c.N.PAT | c.RTA | c.RTA | c.INT.COL | c.INT.COL | c.EXT.COL | c.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 | 10.616** (3.976) | 15.938*** (4.513) | −474.629 (525.293) | −6.590 (12.762) | 0.034 (5.358) | 7.997 (5.405) | 0.050 (4.038) | 7.609* (3.501) |
| N.CBA | −0.007 (0.006) | 0.0002 (0.007) | 0.603 (0.726) | 0.034 (0.020) | −0.002 (0.009) | −0.002 (0.008) | −0.010 (0.007) | −0.014* (0.007) |
| Cluster controls | ||||||||
| IND.SIZE | −0.016*** (0.004) | −0.018*** (0.004) | −0.997*** (0.297) | −0.023** (0.008) | −0.022*** (0.005) | −0.023*** (0.005) | −0.018*** (0.005) | −0.013* (0.005) |
| IND.RTA | −0.014*** (0.003) | −0.011*** (0.003) | −2.190*** (0.616) | −0.040*** (0.009) | −0.016*** (0.005) | −0.015*** (0.005) | −0.011** (0.004) | −0.003 (0.003) |
| Region controls | ||||||||
| PAT.CAP | 0.144 (0.074) | −0.042 (0.055) | 2.534 (5.178) | −0.132 (0.157) | 0.082 (0.076) | 0.061 (0.065) | 0.084* (0.038) | −0.021 (0.035) |
| REG.DIV | −0.003 (0.043) | 0.002 (0.049) | −3.421 (4.250) | 0.096 (0.092) | −0.020 (0.053) | −0.0001 (0.069) | 0.003 (0.050) | 0.020 (0.048) |
| EMP.RATE | −0.094 (0.388) | −0.523 (0.366) | −7.983 (29.418) | −0.113 (0.878) | 0.280 (0.413) | −0.703 (0.504) | −0.068 (0.459) | −0.714 (0.390) |
| HUM.CAP | 0.454** (0.144) | 0.396** (0.153) | −17.121 (10.818) | 0.160 (0.261) | 0.211 (0.246) | 0.246 (0.201) | 0.272* (0.130) | 0.249 (0.148) |
| POP.DEN | −2.115** (0.756) | −2.702** (0.911) | 131.830 (106.403) | 2.262 (2.614) | −0.418 (1.112) | −1.269 (1.061) | 0.039 (0.683) | −0.947 (0.649) |
| 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 | 0.977 | 0.980 | 0.218 | 0.437 | 0.958 | 0.962 | 0.939 | 0.942 |
| Adjusted R2 | 0.977 | 0.979 | 0.205 | 0.426 | 0.957 | 0.961 | 0.938 | 0.941 |
| F Statistic | 2,425.4*** | 2,412.3*** | 15.90*** | 38.691*** | 1,285.5*** | 1,263.1*** | 876.6*** | 813.2*** |
| Dep.Var | c.N.PAT | c.N.PAT | c.RTA | c.RTA | c.INT.COL | c.INT.COL | c.EXT.COL | c.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 | 10.616 | 15.938 | −474.629 (525.293) | −6.590 (12.762) | 0.034 (5.358) | 7.997 (5.405) | 0.050 (4.038) | 7.609 |
| N.CBA | −0.007 (0.006) | 0.0002 (0.007) | 0.603 (0.726) | 0.034 (0.020) | −0.002 (0.009) | −0.002 (0.008) | −0.010 (0.007) | −0.014 |
| IND.SIZE | −0.016 | −0.018 | −0.997 | −0.023 | −0.022 | −0.023 | −0.018 | −0.013 |
| IND.RTA | −0.014 | −0.011 | −2.190 | −0.040 | −0.016 | −0.015 | −0.011 | −0.003 (0.003) |
| PAT.CAP | 0.144 (0.074) | −0.042 (0.055) | 2.534 (5.178) | −0.132 (0.157) | 0.082 (0.076) | 0.061 (0.065) | 0.084 | −0.021 (0.035) |
| REG.DIV | −0.003 (0.043) | 0.002 (0.049) | −3.421 (4.250) | 0.096 (0.092) | −0.020 (0.053) | −0.0001 (0.069) | 0.003 (0.050) | 0.020 (0.048) |
| EMP.RATE | −0.094 (0.388) | −0.523 (0.366) | −7.983 (29.418) | −0.113 (0.878) | 0.280 (0.413) | −0.703 (0.504) | −0.068 (0.459) | −0.714 (0.390) |
| HUM.CAP | 0.454 | 0.396 | −17.121 (10.818) | 0.160 (0.261) | 0.211 (0.246) | 0.246 (0.201) | 0.272 | 0.249 (0.148) |
| POP.DEN | −2.115 | −2.702 | 131.830 (106.403) | 2.262 (2.614) | −0.418 (1.112) | −1.269 (1.061) | 0.039 (0.683) | −0.947 (0.649) |
| 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 | 0.977 | 0.980 | 0.218 | 0.437 | 0.958 | 0.962 | 0.939 | 0.942 |
| Adjusted R2 | 0.977 | 0.979 | 0.205 | 0.426 | 0.957 | 0.961 | 0.938 | 0.941 |
| F Statistic | 2,425.4 | 2,412.3 | 15.90 | 38.691 | 1,285.5 | 1,263.1 | 876.6 | 813.2 |
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 > 1
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