Table 8.
Test of influence mechanism.
| Variables | (22) | (23) | (24) | (25) | (26) | (27) |
|---|---|---|---|---|---|---|
| Stock_if (Probit) | Presave (Tobit) | Stock_if (Probit) | Stock_rate (Tobit) | Presave (Tobit) | Stock_rate (Tobit) | |
| Medical_if | 0.1673* (1.79) |
−0.0476*** (−4.00) |
0.0280 (0.27) |
9.8663** (2.28) |
−0.0476*** (−4.00) |
2.6660 (0.67) |
| Presave | – | – | −1.7673*** (−31.79) |
– | – | −76.4638*** (−28.45) |
| Control | Yes | Yes | Yes | Yes | Yes | Yes |
| N | 11,863 | 11,863 | 11,863 | 11,863 | 11,863 | 11,863 |
| Pseudo R2 | 0.3597 | 0.2796 | 0.4732 | 0.1488 | 0.2796 | 0.2061 |
***, **, and *, respectively, indicate significance at the 1, 5, and 10% level. The z-statistic value is in parentheses of the Probit model and the t-statistic value is in parentheses of the Tobit model. The control variables here are the same as the previous benchmark regressions. Due to space limitations, the results of the control variables are not listed.