Table 7 Mechanism tests.
Variables | (1) Cost | (2) GP | (3) Gest | (4) GP |
|---|---|---|---|---|
Treat × Time | 0.224*** (0.072) | 0.051*** (0.009) | 0.446*** (0.142) | 0.068*** (0.015) |
Cost | −0.087*** (0.028) | |||
Gest | 0.106*** (0.033) | |||
Control variables | YES | YES | YES | YES |
Individual FE | YES | YES | YES | YES |
Province-Year FE | YES | YES | YES | YES |
Industries-Year FE | YES | YES | YES | YES |
Observations | 5984 | 5984 | 5984 | 5984 |
adj. R2 | 0.225 | 0.206 | 0.219 | 0.194 |
