Table 4.
Robustness test.
| (1) | (2) | (3) | (4) | (5) | (6) | |
|---|---|---|---|---|---|---|
| CE | CE | CE | CE | |||
| L.CE | 1.058*** (0.009) | 0.934*** (0.037) | ||||
| DE | 0.574*** (1.231) | 0.654*** (0.126) | 0.043*** (0.014) | 0.029*** (0.002) | 0.771*** (0.149) | 0.369*** (0.093) |
| Controls | Yes | Yes | Yes | Yes | Yes | Yes |
| Year F. E. | Yes | Yes | Yes | Yes | ||
| Province F. E. | Yes | Yes | Yes | Yes | ||
| AR(1) | 0.035 | 0.035 | ||||
| AR(2) | 0.233 | 0.244 | ||||
| Sargan test | 0.453 | 0.255 | ||||
| Observations | 300 | 300 | 270 | 240 | 260 | 260 |
| R2 | 0.983 | 0.313 | 0.984 | 0.992 |
Standard errors are shown in small parentheses, *, **, and *** stand for statistical significance at the 0.1, 0.05, and 0.01 significance levels, respectively.