Table III. Heckman first stage Variable...

Table III.

Heckman first stage

Variable	Coef.	z	Significance
log_hotels	1.496218	4.67	***
Urban	−0.6706135	−2.69	**
Category	1.061332	0.71	ns
cat_squared	−0.1052336	−0.51	ns
Foreign	−2.856535	−4.76	***
Regional	−1.775158	−1.49	ns
Concentration	1.009745	1.43	ns
Price	0.0024607	1.21	ns
Age	0.0096339	1.50	ns
_cons	−3.261519	−1.20	ns

Variable	Coef.	z	Significance
log_hotels	1.496218	4.67	***
Urban	−0.6706135	−2.69	**
Category	1.061332	0.71	ns
cat_squared	−0.1052336	−0.51	ns
Foreign	−2.856535	−4.76	***
Regional	−1.775158	−1.49	ns
Concentration	1.009745	1.43	ns
Price	0.0024607	1.21	ns
Age	0.0096339	1.50	ns
_cons	−3.261519	−1.20	ns

Notes:

Dependent variable Q-period; number of obs = 295; LR χ² (9) = 60.95; Prob > χ² = 0.0000; Log likelihood = −161.58291; Pseudo R² = 0.1587; * p < 0.05;

p < 0.01;

***

p < 0.001 (one-tailed test)

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