Table 7 Results of the heterogeneity test
High Open | Low Open | High Cer | Low Cer | |||||
|---|---|---|---|---|---|---|---|---|
(1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) | |
Policy | 1.569* | 23.424** | 0.644** | 0.553 | 1.908** | 18.073** | 1.976*** | 12.438*** |
Pd | 1.189* | 8.873*** | 0.111 | 0.112 | 0.279 | 0.493 | -0.375* | 0.133 |
Pgdp | − 1.374 | − 14.058** | − 0.671* | 0.255 | -2.968* | -18.683** | -0.418 | -2.197** |
Hum | − 3.446*** | − 24.264*** | − 0.900** | − 1.160*** | -1.207*** | -8.841*** | -1.541*** | -4.230*** |
Infr | − 2.576 | 1.562 | 0.531** | − 0.590* | 0.411 | 0.489 | -0.767* | -0.369 |
Gov | 0.263 | 1.636* | − 0.034 | 0.046 | -0.204 | -0.095 | 0.160 | 0.427 |
Cons | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 15.540*** | 32.457** |
Year | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
City | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
R-squared | 0.273 | 0.091 | 0.162 | 0.036 | 0.188 | 0.050 | 0.189 | 0.071 |
N | 798 | 798 | 2216 | 2216 | 1330 | 1330 | 1684 | 1684 |