|
| (1) | (2) | (3) |
|
| Transfer | Transfer | Transfer |
| Trust | 1.057*** | 0.365*** | 0.410*** |
|
| (7.903) | (3.637) | (2.891) |
| Type |
| 0.656*** | 0.656*** |
|
|
| (12.516) | (12.523) |
| Size |
| −0.212*** | −0.214*** |
|
|
| (−6.612) | (−6.658) |
| Resp |
| 0.215*** | 0.216*** |
|
|
| (10.902) | (10.918) |
| Product |
| 0.462*** | 0.462*** |
|
|
| (18.323) | (18.317) |
| Industry |
|
| −0.167 |
|
|
|
| (−1.626) |
| Law |
|
| 0.177 |
|
|
|
| (0.776) |
| GDP |
|
| 0.251 |
|
|
|
| (1.193) |
| Constant | 0.753*** | −1.953*** | −2.776* |
|
| (7.777) | (−15.719) | (−1.821) |
| Province fixed effects | Yes | Yes | Yes |
| Year fixed effects | Yes | Yes | Yes |
| N | 7035 | 7035 | 7035 |
| R2 | 0.113 | 0.390 | 0.390 |