Benchmark regression results
| Model (1) | Model (2) | Model (3) | Model (4) | Model (5) | |
|---|---|---|---|---|---|
| Name of variables | Coef | Cofe | Cofe | Cofe | Cofe |
| DT | 0.2610*** (0.0419) | 0.2815*** (0.0418) | 0.2720*** (0.0422) | 0.2916*** (0.0417) | 0.2904*** (0.0419) |
| Z1 | −0.3191*** (0.1123) | −0.2654** (0.1174) | −0.5608*** (0.1445) | −0.5562***(0.1456) | |
| Z2 | −0.1857 (0.1214) | −0.1588 (0.1191) | −0.1568 (0.1196) | ||
| Z3 | −0.2058*** (0.0610) | −0.2048*** (0.0612) | |||
| Z4 | 0.0118 (0.0401) | ||||
| Time fixed effects | Yes | Yes | Yes | Yes | Yes |
| Individual fixed effects | Yes | Yes | Yes | Yes | Yes |
| Constant term | 0.3506*** (0.0105) | 0.8806*** (0.1868) | 0.9438*** (0.1908) | 1.4549*** (0.2405) | 1.4442*** (0.2437) |
| Adj R-squared | 0.9770 | 0.9776 | 0.9778 | 0.9787 | 0.9786 |
| N | 279 | 279 | 279 | 279 | 279 |
| Model (1) | Model (2) | Model (3) | Model (4) | Model (5) | |
|---|---|---|---|---|---|
| Name of variables | Coef | Cofe | Cofe | Cofe | Cofe |
| DT | 0.2610*** | 0.2815*** | 0.2720*** | 0.2916*** | 0.2904*** (0.0419) |
| Z1 | −0.3191*** | −0.2654** | −0.5608*** | −0.5562***(0.1456) | |
| Z2 | −0.1857 | −0.1588 | −0.1568 (0.1196) | ||
| Z3 | −0.2058*** | −0.2048*** (0.0612) | |||
| Z4 | 0.0118 (0.0401) | ||||
| Time fixed effects | Yes | Yes | Yes | Yes | Yes |
| Individual fixed effects | Yes | Yes | Yes | Yes | Yes |
| Constant term | 0.3506*** | 0.8806*** | 0.9438*** | 1.4549*** | 1.4442*** (0.2437) |
| Adj | 0.9770 | 0.9776 | 0.9778 | 0.9787 | 0.9786 |
| 279 | 279 | 279 | 279 | 279 |
Note(s): The robust standard errors are shown in brackets, *, **, *** indicate that the null hypothesis is rejected at the significance level of 10%, 5% and 1%, respectively, the same applies to charts below
Source(s): Arranged by authors
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