Table 4 Robustness check

MAN_(t−1)

0.965*** (0.014)

0.969*** (0.014)

0.888*** (0.025)

0.889*** (0.025)

0.871*** (0.085)

0.845*** (0.094)

0.956*** (0.023)

0.961*** (0.023)

LCAP

0.042* (0.024)

0.038 (0.030)

0.020 (0.033)

− 0.010 (0.042)

0.123* (0.061)

0.096* (0.052)

0.066** (0.029)

0.057 (0.039)

FDI_IND

0.082*** (0.027)

0.103** (0.040)

0.090* (0.053)

0.103*** (0.039)

DDI_IND

0.076* (0.040)

0.031 (0.047)

− 0.032 (0.044)

0.041 (0.030)

LCAP * FDI_IND

0.007 (0.008)

− 0.021 (0.014)

− 0.001 (0.007)

0.003 (0.006)

LCAP * DDI_IND

0.007 (0.007)

− 0.013 (0.011)

0.006 (0.006)

0.006 (0.008)

CONS

− 0.597 (0.469)

− 0.419 (0.465)

2.107*** (0.605)

2.086*** (0.609)

− 0.654 (0.721)

− 0.554 (0.764)

Control Var.

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Province FE

No

No

Yes

Yes

Yes

Yes

Yes

Yes

Year FE

No

No

Yes

Yes

Yes

Yes

Yes

Yes

Observations

544

544

544

544

544

544

544

544

Provinces

34

34

34

34

34

34

34

34

Adj. R²

0.985

0.985

0.824

0.823

F-stat.

4809***

4134***

2464***

1599***

Instruments

29

29

29

29

AR-1

0.013

0.013

0.020

0.018

AR-2

0.232

0.321

0.254

0.390

Hansen (p-value)

0.716

0.764

0.341

0.358