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. 2023 Dec 1;9(12):e22846. doi: 10.1016/j.heliyon.2023.e22846

Table 5.

Robustness checks of equation (1).

Panel A
	(1)	(2)	(3)	(4)
Variables	Deco	Deco	fDeco	Deco

DJ	0.0410***	0.0144**	0.0890***
	(0.0075)	(0.0058)	(0.0174)
rDJ				0.1036***
				(0.0143)

Individual	YES	YES	YES	YES
Province	YES	YES	YES	YES
Control variables	YES	YES	YES	YES

Observations	1840	1555	1840	1840
N	229	229	229	229
R²	0.7599	0.8850	0.4095	0.7065
Panel B
	(1)	(2)	(3)	(4)
Variables	Deco	Deco	Deco	Deco

rrDJ	0.0003***		0.0002***
	(0.0001)		(0.0001)
rDJ		0.2902***
		(0.0831)
DJ				0.0929***
				(0.0153)
Ceff				0.0411***
				(0.0075)

Individual	YES	YES	YES	YES
Province	YES	NO	NO	YES
Control variables	YES	YES	YES	YES
Individual (city) effect	NO	YES	YES	NO

Observations	1840	1840	1840	1840
N	229	229	229	229
R²	0.6638	0.7770	0.7765	0.7065

Note: IV is robust standard error.