Table 4 Endogeneity test.
Variables | (1) | (2) | (3) |
|---|---|---|---|
Is it a pilot \(\times\) Whether to start implementing the policy | 4.013*** (0.392) | 1.302*** (0.108) | 0.483*** (0.091) |
Control variables | Yes | Yes | Yes |
Time fixed effects | Yes | Yes | Yes |
Regional fixed effects | Yes | Yes | Yes |
Observations | 3781 | 3781 | 3781 |
\({\mathrm{R}}^{2}\) | 0.399 | 0.388 | 0.263 |