Replace Dependent Variables

Instrumental Variable Method

PSM

Outlier Detection

Negative Binomial Regression

Variable

Gi1

The First Stage

The Second Stage

Gi

Gi

Gi

ISO

0.103***

0.198***

0.117***

0.120***

0.109***

(4.219)

(4.251)

(3.593)

(4.238)

(4.894)

L.ISO

0.619***

(73.238)

ISOMean

0.777***

(8.847)

F statistics

152.04

99.20

61.57

84.99

131.31

Wald F

2741.774

4604.26

Sargan

0.748

Control Variables

Yes

Yes

Yes

Yes

Yes

Yes

_cons

−1.482***

−0.1061

−1.758***

−1.550***

−1.499***

−3.075***

(−7.833)

(−1.390)

(−6.810)

(−5.340)

(−6.671)

(−11.990)

Year Fixed Effect

Yes

Yes

Yes

Yes

Yes

Yes

Province Fixed Effect

Yes

Yes

Yes

Yes

Yes

Yes

Industry Fixed Effect

Yes

Yes

Yes

Yes

Yes

Yes

Observations

9940

8946

8946

5783

8946

9940

R²

0.340

0.439

0.326

0.311

0.301