Table 7.

Estimation results for H3

Base2SLSrLREGAddctl
(1)(2)(3)(4)
VariablesMDIGMDIGMDIGMDIG
Panel A
LREG0.1181*** (0.0216)1.2709*** (0.3203)0.0889*** (0.0201)
rLREG0.6409*** (0.0371)
AI0.5723*** (0.0358)
City FEYesYesYesYes
Year FEYesYesYesYes
ControlYesYesYesYes
Observations3,3673,3673,3673,367
R-squared0.48480.53100.55680.5342
Number of cities280280280
Panel B
Base2SLSrLREGrLREG
(1)(2)(3)(4)
VariablesMENPMENPMENPrMENP
LREG0.1999*** (0.0547)3.4892*** (1.1885)0.2144*** (0.0591)
rLREG0.3676*** (0.0893)
MDIG0.4591*** (0.0753)0.5566** (0.2759)0.4203*** (0.0765)0.4945*** (0.0806)
City FEYesYesYesYes
Year FEYesYesYesYes
ControlYesYesYesYes
Observations3,3673,3673,3673,367
R-squared0.52020.73940.52140.5279
Number of cities280280280280
Note(s):

Robust standard errors in parentheses ***p < 0.01; **p < 0.05; *p < 0.1

Source(s): Author’s own creation

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