Table 3.

PSM-DID estimation results.

	(1)	(2)	(3)	(4)
	GIP	GIP	GUP	GUP
ESER	0.0978***	0.0702***	0.1214***	0.1012***
	(0.0201)	(0.0180)	(0.0184)	(0.0162)
Control variables		√		√
City fixed effects	√	√	√	√
Year fixed effects	√	√	√	√
N	3566	3566	3566	3566
R2	0.4616	0.5764	0.5774	0.6802

Note Standard errors are in parentheses, ***, **, and * indicate significance at the 1%, 5%, and 10% level, respectively.