Table 7 Robustness analysis results

VARIABLES

AEARE

AEARE

AEARE

AEARE

RGDP

0.071^c

-0.011

0.017

0.003

(2.91)

(-0.45)

(0.76)

(0.20)

PPH

-0.164^c

-0.103^c

-0.068^b

-0.082^c

(-3.98)

(-2.79)

(-2.39)

(-3.09)

PTH

0.175^c

0.093^c

0.022

0.051^b

(5.46)

(3.55)

(0.85)

(2.43)

TPD

0.320^c

0.125

-0.108

-0.042

(4.34)

(1.25)

(-1.25)

(-0.90)

GHCP

-0.006

0.039^a

0.086^c

0.018

(-0.34)

(1.94)

(3.53)

(1.55)

PM

0.055^c

0.042

0.252

0.003

(5.34)

(1.05)

(1.46)

(0.44)

RSU

-0.126^a

-0.016

0.004

-0.132^b

(-1.78)

(-0.70)

(0.10)

(-2.50)

Constant

0.205

0.441

-0.978

0.956^c

(0.74)

(1.40)

(-1.07)

(3.39)

Observations

310

310

310

248

R-squared

0.563

0.325

0.274

0.129

code FE

YES

YES

YES

YES

year FE

YES

YES

YES

YES

Number of id

31

31

31

31