Research on the Impact of Innovative City Construction on Financial Development: Evidence from China

Table 3

Robustness tests.

	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)
	lndepo	lnload	lnfinjob	lndepo	lnload	lnfinjob	lndepo	lnload	lnfinjob
hsr	0.104	0.117	0.0987	0.0961	0.113	0.0830	0.1154	0.0993	0.1032
	(3.41)	(3.73)	(3.34)	(2.98)	(3.61)	(2.77)	(3.76)	(3.20)	(3.41)
Ets	−0.147	0.0495	−0.034
	(−4.19)	(1.96)	(−1.01)
App				0.0408	−0.0211	0.103
				−1.64	(−0.88)	(3.83)
Control	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
City-fixed	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Year-fixed	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
N	3055	3055	3055	3055	3055	3055	3055	3055	3055
R^2	0.8541	0.9699	0.5615	0.8515	0.9698	0.5700	0.8498	0.9697	0.5568

Note. T statistics are in parentheses. , , and .