COVID-19 shock, fiscal subsidies, and consumption resilience of new energy vehicles: evidence from Shanghai, China

Environmental Sciences Europe

Table 5 Robustness examination

Variables	Placebo test (6 months ahead of the pandemic)			Dropping small samples
	± 3	± 4	± 2	± 3	± 4	± 2
	(1)	(2)	(3)	(4)	(5)	(6)
T × Policy	0.252	− 0.090	0.147	0.390^**	0.1991^*	1.1311^***
T × Policy	(0.227)	(0.142)	(0.215)	(0.132)	(0.136)	(0.289)
Cons	− 42.796^*	7.545^***	− 63.513	10.540	− 4.812	7.790
Cons	(24.225)	(1.804)	(38.611)	(31.558)	(27.345)	(1.441)
Control variables	Yes	Yes	Yes	Yes	Yes	Yes
Individual FE	Yes	Yes	Yes	Yes	Yes	Yes
Time FE	Yes	Yes	Yes	Yes	Yes	Yes
N	476	612	319	338	463	215
R²	0.833	0.813	0.834	0.873	0.851	0.897

The values enclosed in parentheses represent the clustering standard errors,^***,^**,^*denotes 1%, 5%, and 10% significant levels, respectively
Source: Authors’ computation using STATA 17