RD Intensity | (1) Total | (2) Growth Period | (3) Mature Period | (4) Decline Period |
Subsidy | 0.02* | 0.26** | 0.14* | −0.37 |
N | 9814 | 3756 | 3657 | 1136 |
Wald F-statistic | 169.46 | 88.60 | 80.50 | 3.95 |