Table 6 Robustness test results.
Variable | PSM-DID | Entropy equilibrium method | NQP | Smart cities | The Belt and road initiative |
|---|---|---|---|---|---|
DID | 0.0137* | 0.0098* | 0.0124* | -0.0116 | -0.0109 |
(1.82) | (1.71) | (1.85) | (-1.48) | (-1.40) | |
size | -0.0017 | -0.0038 | 0.0219*** | 0.0008 | 0.0007 |
(-0.19) | (-0.67) | (3.40) | (0.10) | (0.10) | |
sale | 0.0184** | 0.0164*** | -0.00724 | 0.0155** | 0.0157** |
(2.46) | (3.39) | (-1.28) | (2.41) | (2.44) | |
cflow | 0.137*** | 0.132*** | 0.350*** | 0.141*** | 0.140*** |
(5.32) | (5.37) | (11.23) | (6.91) | (6.89) | |
age | 0.0932*** | 0.0673** | -0.0105 | 0.0980*** | 0.0973*** |
(3.17) | (2.57) | (-0.94) | (3.61) | (3.60) | |
growth | -0.0034* | -0.0034* | 0.0036 | -0.0006 | -0.0006 |
(-1.67) | (-1.78) | (1.50) | (-0.37) | (-0.35) | |
top10 | -0.0006** | -0.0005*** | -0.0002 | -0.0009*** | -0.0009*** |
(-2.39) | (-2.74) | (-1.12) | (-3.93) | (-3.94) | |
roa | -0.198*** | -0.171*** | -0.201*** | -0.207*** | -0.207*** |
(-5.66) | (-5.40) | (-4.98) | (-7.33) | (-7.35) | |
lev | 0.0180 | 0.0071 | -0.0156 | 0.0241 | 0.0243 |
(0.85) | (0.47) | (-0.79) | (1.26) | (1.27) | |
_cons | -0.124 | 0.0394 | 0.190** | -0.106 | -0.109 |
(-0.86) | (0.36) | (2.42) | (-0.79) | (-0.82) | |
Firm | YES | YES | NO | YES | YES |
Year | YES | YES | YES | YES | YES |
city | NO | NO | YES | NO | NO |
Indus | NO | NO | YES | NO | NO |
N | 18,936 | 18,936 | 29,290 | 29,290 | 29,290 |
r2 | 0.723 | 0.740 | 0.322 | 0.719 | 0.719 |
