TableĀ 6

Robustness test

Model (1)Model (2)Model (3)
Name of variablesCoefCoefCoef
DT0.0143***
(0.0022)
0.2712***
(0.044)
0.3122***
(0.0451)
Control variablesYesYesYes
Add variablesNoYesNo
Time fixed effectsYesYesYes
Individual fixed effectsYesYesYes
Constant term1.4428***
(0.2461)
0.9464***
(0.3752)
1.6862***
(0.2391)
Adj R-squared0.97820.97930.9802
N279279243

Source(s): Arranged by authors

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