Table 10 Robustness test results.

GF

0.119^**

0.120^***

0.050^*

0.089^*

0.090^*

(2.27)

(3.13)

(1.73)

(1.74)

(1.75)

Pilot

− 0.007

(− 0.50)

Guidance

0.135^***

(3.87)

INFOR

− 0.079^**

− 0.018

− 0.087^***

− 0.083^***

− 0.086^***

(− 2.57)

(− 0.90)

(− 3.12)

(− 2.91)

(− 3.09)

GOV

0.011^***

0.007^***

0.009^***

0.010^***

0.009^***

(3.26)

(3.01)

(2.79)

(2.81)

(2.81)

INPUT

− 9.095^***

− 4.489^***

− 8.900^***

− 9.025^***

− 8.990^***

(− 4.95)

(− 2.82)

(− 4.96)

(− 5.04)

(− 5.03)

MAR

0.066^***

0.066^***

0.074^***

0.073^***

0.075^***

(3.38)

(5.00)

(4.17)

(3.95)

(4.22)

CITY

0.479^*

0.528^***

0.738^***

0.693^***

0.687^***

(1.76)

(3.02)

(3.07)

(2.87)

(2.86)

Cons

0.176

− 0.283^**

0.024

0.034

0.039

(0.84)

(− 2.10)

(0.13)

(0.18)

(0.21)

Individual fixed

Yes

Yes

Yes

Yes

Yes

Time fixed

Yes

Yes

Yes

Yes

Yes

N

270

240

300

300

300

R²

0.460

0.563

0.483

0.484

0.484

F

13.77

17.25

15.91

14.89

15.91