Table 12 Robustness test of moderating effect
Variables | Robustness test 1 | Robustness test 2 | Robustness test 3 | |||||
|---|---|---|---|---|---|---|---|---|
(25) | (26) | (27) | (28) | (29) | (30) | (31) | (32) | |
PG | PG | PG | PG | PG | PG | PG | PG | |
DT | 0.1442*** | 0.1559*** | 0.2128*** | 0.1992*** | 0.1999*** | 0.4086*** | 0.4395*** | 0.4372*** |
(15.0049) | (16.5144) | (19.9086) | (17.4056) | (17.7939) | (4.5065) | (4.8186) | (4.8090) | |
FDb | − 0.0591*** |  |  | − 0.0646*** |  |  | − 0.2657*** |  |
(− 3.4496) |  |  | (− 3.1650) |  |  | (− 10.3470) |  | |
FDb × DT | 0.0725*** |  |  | 0.0279** |  |  | 0.4007** |  |
(6.3238) | Â | Â | (2.0417) | Â | Â | (2.4939) | Â | |
FDc |  | − 0.0001*** |  |  | − 0.0003*** |  |  | − 0.0057 |
|  | (− 3.6843) |  |  | (− 6.1933) |  |  | (− 1.3122) | |
FDc × DT |  | 0.0001*** |  |  | 0.0001*** |  |  | 0.2080*** |
| Â | (3.0789) | Â | Â | (3.2261) | Â | Â | (3.9617) | |
Control | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
Constant | 0.0242 | − 0.0595** | 0.1181*** | 0.2330*** | 0.1422*** | 0.0285 | 0.3404*** | 0.0308 |
(0.6760) | (− 2.1769) | (3.7728) | (5.4591) | (4.3736) | (1.0981) | (8.5265) | (1.1798) | |
Year | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
Id | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
Observations | 39,982 | 39,982 | 39,982 | 39,982 | 39,982 | 39,982 | 39,982 | 39,982 |
Number of id | 4035 | 4035 | 4035 | 4035 | 4035 | 4035 | 4035 | 4035 |
R-squared | 0.246 | 0.245 | 0.286 | 0.274 | 0.275 | 0.247 | 0.249 | 0.247 |