Table 11.
Mechanism test.
| Variable | ec | CEI | gti | CEI | esc | CEI |
|---|---|---|---|---|---|---|
| (1) | (2) | (3) | (4) | (5) | (6) | |
| CI | 7.8539*** | 0.6274*** | 0.2480*** | 0.9207*** | 0.2352*** | 0.9101*** |
| (1.1722) | (0.2351) | (0.0646) | (0.2384) | (0.0730) | (0.2477) | |
| CI 2 | − 1.5412*** | − 0.1276** | − 0.1827*** | − 0.1768*** | ||
| (0.2977) | (0.0621) | (0.0639) | (0.0671) | |||
| ec | 0.0382** | |||||
| (0.0152) | ||||||
| gti | − 0.0968** | |||||
| (0.0442) | ||||||
| esc | − 0.2996*** | |||||
| (0.0594) | ||||||
| Constant | 1.0786*** | 2.7560*** | − 0.0209** | 2.9860*** | 1.6154*** | 3.2850*** |
| (0.3173) | (0.2254) | (0.0095) | (0.2657) | (0.0841) | (0.2440) | |
| Control variable | Yes | Yes | Yes | Yes | Yes | Yes |
| City fixed effects | Yes | Yes | Yes | Yes | Yes | Yes |
| Time fixed effects | Yes | Yes | Yes | Yes | Yes | Yes |
| N | 3906 | 3906 | 3882 | 3882 | 3906 | 3906 |
| R 2 | 0.4557 | 0.3528 | 0.3932 | 0.3508 | 0.4660 | 0.3642 |
Values in parentheses are robust standard errors.
*, **, and *** denote significance at the 10%, 5%, and 1% levels, respectively.