Table 3 Robustness test.

From: Can “Characteristic Town” construction protect the rural environment and enhance the rural economy? Perspectives on efficiency improvement and economies of scale

 

(1)

(2)

(3)

(4)

(5)

VARIABLES

Substitution of explained variables

2SLS first-stage

2SLS second-stage

Consideration of other policy disruptions

Advancement of the policy timeline

did

0.0410*

 

0.7024**

0.0357*

 

(0.0219)

 

(0.2985)

(0.0213)

 

iv

 

0.0045***

   
 

(0.0013)

   

did2

    

−0.0228

    

(0.0247)

Constant

9.6892***

−0.3000

0.8196***

0.7206***

0.7550***

(0.1000)

(0.2753)

(0.0860)

(0.0802)

(0.0800)

Stage I F-value

 

11.61***

   

K-P rk LM statistic

 

17.08***

   

Controls

YES

YES

YES

YES

YES

Year FE

YES

YES

YES

YES

YES

County FE

YES

YES

YES

YES

YES

Observations

1521

1521

1521

1521

1521

Adjusted R2

0.9353

0.8698

0.8698

0.9682

0.9678

  1. Robust standard errors in parentheses
  2. ***p < 0.01, **p < 0.05, *p < 0.1.
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