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The results of heterogeneity analysis.
| Variables |
Inflow |
Outflow |
||
|---|---|---|---|---|
| Neighbor | Non-neighbor | Neighbor | Non-neighbor | |
| CRexpress × time | −40.293∗∗ | 153.105∗∗∗ | −4.644 | 79.945∗∗∗ |
| (14.610) | (29.194) | (7.575) | (20.554) | |
| Controls | Yes | Yes | Yes | Yes |
| Year FE | Yes | Yes | Yes | Yes |
| Country FE | Yes | Yes | Yes | Yes |
| N | 265 | 1448 | 265 | 1448 |
| R2 | 0.737 | 0.830 | 0.776 | 0.813 |
