Table 5 Alternative model specifications.

From: The impact of cross-border e-commerce comprehensive pilot zone on corporate financial constraints in China

 

(1)

(2)

(3)

(4)

(5)

Variables

FC

Zone*Post

0.251**

0.269**

0.337***

0.195**

0.194**

 

(0.115)

(0.125)

(0.116)

(0.0978)

(0.098)

Constant

0.0186

3.064

−0.130

1.667

2.101

 

(0.0475)

(2.994)

(0.566)

(1.432)

(2.266)

Firm FEs

√

√

√

√

√

Year FEs

√

√

√

√

√

More firm level controls

×

√

√

√

√

More city level controls

×

×

√

√

√

City FEs

×

×

×

√

√

Regional time trends

×

×

×

×

√

Observations

14,791

13,166

11,829

11,826

11,826

R-squared

0.010

0.272

0.008

0.205

0.205

F

4.131

4.040

4.935

2.801

2.605

  1. At the firm level, aside from the original controls in Table 3, we further control for firm size, the firm’s running years, and return on equity. At the regional level, we further control for urbanisation rate, personal disposable income, as well as governmental intervention (ratio of fiscal budget to GDP); Robust standard errors in parentheses.
  2. ***p < 0.01; **p < 0.05; *p < 0.1.
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