Table 5.
Eliminating non-randomness of the policy.
| (1) | (2) | (3) | (4) | (5) | (6) | |
|---|---|---|---|---|---|---|
| Rem-vol | Rem-vol | Tre-cap | Tre-cap | Tre-rate | Tre-rate | |
| Hea-City | 0.1439*** | 0.0717* | 0.1056** | 0.1131* | −3.6101*** | −3.0329** |
| (0.0434) | (0.0419) | (0.0522) | (0.0628) | (1.3820) | (1.3276) | |
| Natural*νt | Yes | Yes | Yes | Yes | Yes | Yes |
| Society*νt | No | Yes | No | Yes | No | Yes |
| Control variable | Yes | Yes | Yes | Yes | Yes | Yes |
| Constant | 4.9558 | 13.2149 | −43.4630*** | −44.6826*** | 101.9994 | −76.8636 |
| (15.9574) | (16.2245) | (15.9642) | (16.9405) | (534.1019) | (573.1415) | |
| Observations | 4,440 | 3,608 | 3,925 | 3,122 | 3,972 | 3,162 |
| Adjusted R2 | 0.3160 | 0.3068 | 0.4101 | 0.3580 | 0.2556 | 0.2318 |
Numbers in brackets are robust standard errors clustered at the city level.
***, **, and *
indicate p < 0.01, p < 0.05, and p < 0.1, respectively.
pControlled for year fixed effects and city fixed effects.