Table 8 Heterogeneous effects examination.

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

Panel A

(1)

(2)

(3)

(4)

(5)

Eastern region

Central region

Western region

Non-export-type

Export-type

Zone*Post

0.315*

0.0153

0.00380

0.513*

0.072**

 

(0.166)

(0.0140)

(0.0597)

(0.277)

(0.033)

Constant

-3.202

2.858

58.94***

0.0880

0.178

 

(2.112)

(5.350)

(17.08)

(3.891)

(0.984)

Controls

FEs

Observations

10,313

2688

1783

6442

8149

R-squared

0.231

0.297

0.474

0.248

0.317

F

7.065

1.581

30.057

5.609

3.840

Panel B

(1)

(2)

(2)

  

Prefecture-level cities

Sub-provincial cities

Municipalities

  

Zone*Post

0.183**

−0.078

0.546

  
 

(0.084)

(0.134)

(0.705)

  

Constant

0.256

52.81

92.21

  
 

(1.188)

(49.47)

(64.62)

  

Controls

  

FEs

  

Observations

7426

4283

3076

  

R-squared

0.160

0.233

0.274

  

F

2.364

2.597

7.162

  

Panel C

(1)

(2)

(3)

(4)

 

Non-high-tech industries

High-tech industries

Non-polluting industries

Polluting industries

 

Zone*Post

0.351

0.117***

0.303*

0.006

 
 

(0.219)

(0.035)

(0.167)

(0.045)

 

Constant

0.131

0.679

1.739

44.82***

 
 

(3.488)

(0.946)

(2.699)

(15.66)

 

Controls

 

FEs

 

Observations

7648

7069

10,264

4478

 

R-squared

0.275

0.281

0.248

0.301

 

F

7.417

5.768

7.342

7.552

 
  1. Control variables are the same as Table 3; ***p < 0.01, **p < 0.05, *p < 0.1.