Table 7: Test result of robustness.

Variablesregression (4)regression (5)regression (6)

Constant0.1124*** (2.9497)0.0755*** (2.62645)0.0651** (2.2665)
0.8683*** (5.5521)0.62785*** (4.51225)0.5006*** (3.5540)
0.2820*** (5.3858)0.2607*** (4.8651)0.2799*** (5.3469)
−0.0189* (−1.7451)−0.0064 (−0.5447)−0.03079*** (−3.0505)
0.2321 (0.6659)0.3492 (0.9529)−0.1075 (−0.3149)
(1.8275) (3.6124) (0.775008)
−0.0994** (−2.3696)−0.1046** (−2.5190)−0.0649 (−1.5677)
0.1817*** (4.0469)0.1750*** (3.9046)0.1738*** (3.8708)
−0.0034 (−0.1231)−0.0330 (−1.1746)0.0588*** (2.6517)
0.0240** (2.0711)0.0249** (2.0590)0.0088*** (0.7899)
−0.7798*** (−3.9004)−0.7918*** (−3.9506)−0.7773*** (−3.8939)
−0.5230 (−1.4546)
−4.5138*** (−3.8139)
−0.1598 (−1.3530)
−0.0061*** (−3.1947)
0.5702*** (2.9534)
0.5338 (1.5681)
7.7745***8.9657***8.1677***
Adj. 0.02700.03150.0284

Note: the numerical value in parentheses is the statistic for coefficients; ***, **, and * denote significance at the 1%, 5%, and 10% significance level, respectively.