Table 5 Regional economic incentives and...

Table 5

Regional economic incentives and firm future performance

	CAR6	CAR6	CAR6	CAR12	CAR12	CAR12	CAR18	CAR18	CAR18
	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)
Central Economic Incentives	0.042 (0.73)			0.053 (1.10)			0.069 (1.48)
Local Economic Incentives		−0.090** (−2.80)			−0.103*** (−3.58)			−0.117** (−2.60)
Diff in loc_cen Economic Incentives			−0.048 (−1.28)			−0.058* (−1.89)			−0.070* (−1.94)
Control Var	Y	Y	Y	Y	Y	Y	Y	Y	Y
Year F.E	Y	Y	Y	Y	Y	Y	Y	Y	Y
Industry F.E	Y	Y	Y	Y	Y	Y	Y	Y	Y
Adjust R²	0.3163	0.3170	0.3169	0.2914	0.2921	0.2922	0.2840	0.2846	0.2850
N	1,596	1,596	1,596	1,595	1,595	1,595	1,485	1,485	1,485

	CAR6	CAR6	CAR6	CAR12	CAR12	CAR12	CAR18	CAR18	CAR18
	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)
Central Economic Incentives	0.042 (0.73)			0.053 (1.10)			0.069 (1.48)
Local Economic Incentives		−0.090** (−2.80)			−0.103*** (−3.58)			−0.117** (−2.60)
Diff in loc_cen Economic Incentives			−0.048 (−1.28)			−0.058* (−1.89)			−0.070* (−1.94)
Control Var	Y	Y	Y	Y	Y	Y	Y	Y	Y
Year F.E	Y	Y	Y	Y	Y	Y	Y	Y	Y
Industry F.E	Y	Y	Y	Y	Y	Y	Y	Y	Y
Adjust R²	0.3163	0.3170	0.3169	0.2914	0.2921	0.2922	0.2840	0.2846	0.2850
N	1,596	1,596	1,596	1,595	1,595	1,595	1,485	1,485	1,485

Note(s): See Table 1 for the variable definitions. The intercept is included but not tabulated. T-statistics are given in brackets. Standard errors are clustered at the industry level. *, ** and *** indicate significance at the 10, 5 and 1% levels, respectively. The control variables in Table 5 are the same as in Table 3 and are untabulated for brevity

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