The results of spatial spillover effects test results
| Variables | Main | EH | Direct | Indirect | Total |
|---|---|---|---|---|---|
| Adjacency matrix | |||||
| EH | −0.001*** (−4.14) | 0.001** (2.01) | −0.001*** (−4.19) | 0.001* (1.84) | −0.001*** (−2.73) |
| lnGDP | −0.634*** (−3.73) | −0.422 (−1.52) | −0.668*** (−4.73) | −0.546** (−2.12) | −1.214*** (−5.05) |
| lnGDP2 | 0.016*** (3.27) | 0.010 (1.18) | 0.017*** (4.12) | 0.013* (1.76) | 0.030*** (4.36) |
| lnPD | 0.001 (0.07) | −0.023 (−1.05) | 0.0004 (0.05) | −0.024 (−1.08) | −0.024 (−0.93) |
| IC | 0.582*** (3.83) | 0.382* (1.81) | 0.568*** (3.33) | 0.487** (2.08) | 1.055*** (4.53) |
| Fin | 0.010** (2.01) | 0.034*** (4.00) | 0.011** (2.31) | 0.036*** (4.01) | 0.047*** (4.39) |
| City-fixed | YES | YES | YES | YES | YES |
| Year-fixed | YES | YES | YES | YES | YES |
| N | 3,312 | ||||
| rho | 0.122*** (5.17) | ||||
| R-square | 0.0157 | ||||
| Temperature-adjacency matrix | |||||
| EH | −0.001*** (−3.82) | 0.001* (1.78) | −0.001*** (−3.86) | 0.001 (1.49) | −0.001*** (−3.26) |
| lnGDP | −0.594*** (−3.45) | −0.545** (−2.16) | −0.626*** (−4.35) | −0.592*** (−2.64) | −1.218*** (−5.93) |
| lnGDP2 | 0.015*** (2.95) | 0.013* (1.76) | 0.016*** (3.71) | 0.015** (2.25) | 0.030*** (5.14) |
| lnPD | 0.0001 (0.01) | −0.050* (−1.82) | −0.0004 (−0.05) | −0.049* (−1.89) | −0.050* (−1.75) |
| IC | 0.539*** (3.55) | 0.594*** (3.17) | 0.525*** (3.07) | 0.630*** (3.13) | 1.156*** (5.70) |
| Fin | 0.010* (1.94) | 0.037*** (4.84) | 0.011** (2.19) | 0.036*** (4.75) | 0.047*** (4.99) |
| City-fixed | YES | YES | YES | YES | YES |
| Year-fixed | YES | YES | YES | YES | YES |
| N | 3,312 | ||||
| R-square | 0.0168 | ||||
| Rho | 0.065*** (3.27) | ||||
| Variables | Main | Direct | Indirect | Total | |
|---|---|---|---|---|---|
| −0.001*** (−4.14) | 0.001** (2.01) | −0.001*** (−4.19) | 0.001* (1.84) | −0.001*** (−2.73) | |
| −0.634*** (−3.73) | −0.422 (−1.52) | −0.668*** (−4.73) | −0.546** (−2.12) | −1.214*** (−5.05) | |
| 0.016*** (3.27) | 0.010 (1.18) | 0.017*** (4.12) | 0.013* (1.76) | 0.030*** (4.36) | |
| 0.001 (0.07) | −0.023 (−1.05) | 0.0004 (0.05) | −0.024 (−1.08) | −0.024 (−0.93) | |
| 0.582*** (3.83) | 0.382* (1.81) | 0.568*** (3.33) | 0.487** (2.08) | 1.055*** (4.53) | |
| 0.010** (2.01) | 0.034*** (4.00) | 0.011** (2.31) | 0.036*** (4.01) | 0.047*** (4.39) | |
| 3,312 | |||||
| 0.122*** (5.17) | |||||
| 0.0157 | |||||
| −0.001*** (−3.82) | 0.001* (1.78) | −0.001*** (−3.86) | 0.001 (1.49) | −0.001*** (−3.26) | |
| −0.594*** (−3.45) | −0.545** (−2.16) | −0.626*** (−4.35) | −0.592*** (−2.64) | −1.218*** (−5.93) | |
| 0.015*** (2.95) | 0.013* (1.76) | 0.016*** (3.71) | 0.015** (2.25) | 0.030*** (5.14) | |
| 0.0001 (0.01) | −0.050* (−1.82) | −0.0004 (−0.05) | −0.049* (−1.89) | −0.050* (−1.75) | |
| 0.539*** (3.55) | 0.594*** (3.17) | 0.525*** (3.07) | 0.630*** (3.13) | 1.156*** (5.70) | |
| 0.010* (1.94) | 0.037*** (4.84) | 0.011** (2.19) | 0.036*** (4.75) | 0.047*** (4.99) | |
| 3,312 | |||||
| 0.0168 | |||||
| 0.065*** (3.27) | |||||
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