Table 5. Results of heterogeneity analysis.
| Explanatory variables | Level of industrial structure | |||
|---|---|---|---|---|
| Eastprovince*DID | 0.0076 (0.0091) |
|||
| Middleweastprovince* DID | 0.0190*** (0.0067) |
|||
| old*DID | 0.0250*** (0.0070) |
|||
| unold*DID | 0.0054 (0.0089) |
|||
| Control Variables | YES | YES | YES | YES |
| Year fixed effects | YES | YES | YES | YES |
| County fixed effects | YES | YES | YES | YES |
| Number of observations | 31180 | 31180 | 31180 | 31180 |
| R-squared | 0.8416 | 0.8418 | 0.8418 | 0.8416 |
Note
(1) *, **, and *** denote significance at 10%, 5%, and 1% significance levels, respectively; (2) robust standard errors are in parentheses