Baseline regression results
| Variables | (1) | (2) | (3) | (4) | (5) | (6) |
|---|---|---|---|---|---|---|
| GEE | GEE | GEE | GEE | GEE | GEE | |
| EH | −0.001*** (−4.22) | −0.001*** (−2.96) | −0.001*** (−3.17) | −0.001*** (−3.22) | −0.001*** (−3.41) | −0.001*** (−3.37) |
| lnGDP | −0.169*** (−3.98) | −0.877** (−2.26) | −0.868** (−2.24) | −0.985** (−2.53) | −0.910** (−2.29) | |
| lnGDP2 | 0.021* (1.86) | 0.021* (1.84) | 0.023** (2.00) | 0.022* (1.86) | ||
| lnPD | 0.007 (0.69) | 0.006 (0.62) | 0.005 (0.49) | |||
| IS | 0.816*** (3.11) | 0.796*** (3.06) | ||||
| Fin | 0.017 (1.32) | |||||
| _cons | 0.516*** (52.75) | 3.254*** (4.73) | 9.125*** (2.76) | 9.015*** (2.73) | 9.720*** (2.93) | 8.839** (2.59) |
| City-fixed | YES | YES | YES | YES | YES | YES |
| Year-fixed | YES | YES | YES | YES | YES | YES |
| N | 3,312 | 3,312 | 3,312 | 3,312 | 3,312 | 3,312 |
| R-square | 0.069 | 0.100 | 0.106 | 0.106 | 0.115 | 0.117 |
| Variables | (1) | (2) | (3) | (4) | (5) | (6) |
|---|---|---|---|---|---|---|
| −0.001 | −0.001 | −0.001 | −0.001 | −0.001 | −0.001 | |
| −0.169 | −0.877 | −0.868 | −0.985 | −0.910 | ||
| 0.021 | 0.021 | 0.023 | 0.022 | |||
| 0.007 (0.69) | 0.006 (0.62) | 0.005 (0.49) | ||||
| 0.816 | 0.796 | |||||
| 0.017 (1.32) | ||||||
| 0.516 | 3.254 | 9.125 | 9.015 | 9.720 | 8.839 | |
| 3,312 | 3,312 | 3,312 | 3,312 | 3,312 | 3,312 | |
| 0.069 | 0.100 | 0.106 | 0.106 | 0.115 | 0.117 |
***p < 0.01, **p < 0.05, *p < 0.1; t-values corresponding to robust standard errors are in parentheses, or z-statistics, as follows
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