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

Table 4

Heterogeneity tests.

	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)
	lndepo	lnload	lnfinjob	lndepo	lnload	lnfinjob	lndepo	lnload	lnfinjob
hsr	0.0199	0.1112	0.0572	0.1487	0.1463	0.1676	0.1830	0.0104	−0.0169
	(0.55)	(3.02)	(1.65)	(3.55)	(2.77)	(2.40)	(1.56)	(0.11)	(−0.25)
_cons	10.1003	11.8722	5.7955	7.2663	13.3720	5.9121	5.0724	14.2167	4.6238
	(8.98)	(7.83)	(3.01)	(5.44)	(16.57)	(5.71)	(2.10)	(6.13)	(1.66)
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
R^2	0.8539	0.9696	0.6340	0.8595	0.9756	0.4822	0.8980	0.9725	0.6102

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