Table 5.
Basic robustness test
| Variables | (1) | (2) | (3) | (4) |
|---|---|---|---|---|
| ER | 0.4932*** | 1.8293*** | 1.8366*** | 1.8160*** |
| (0.0193) | (0.0981) | (0.1019) | (0.1005) | |
| ER*PI | − 0.1492*** | − 0.5732*** | − 0.7935*** | − 0.7446*** |
| (0.0275) | (0.2872) | (0.2296) | (0.2247) | |
| Regional fixed effect | Yes | Yes | Yes | Yes |
| Control variables | Yes | Yes | Yes | Yes |
| N | 443570 | 448320 | 278800 | 372900 |
| Log likelihood | − 46891 | − 47 | − 38620 | − 43983 |
| Prob > chi2 | 0.0000 | 0.0000 | 0.0000 | 0.0000 |
***, **, and * indicate significant under 1%, 5%, and 10% levels, respectively; figures in the parentheses are standard error.
Own elaboration.