Table IV. Heckman model second stage...

Table IV.

Heckman model second stage

Variable	Coef.	t	Significance
log_hotels	0.0788405	2.02	*
Urban	−0.0476232	−2.27	*
Category	−0.0336079	−0.46	ns
cat_squared	0.0057502	0.55	ns
Foreign	−0.2080733	−2.48	**
Regional	−0.1074913	−1.12	ns
Concentration	0.1102116	2.50	**
Price	0.0003108	2.73	**
Lambda	0.0759199	1.80	*
_cons	−0.0765369	−0.45	ns

Variable	Coef.	t	Significance
log_hotels	0.0788405	2.02	*
Urban	−0.0476232	−2.27	*
Category	−0.0336079	−0.46	ns
cat_squared	0.0057502	0.55	ns
Foreign	−0.2080733	−2.48	**
Regional	−0.1074913	−1.12	ns
Concentration	0.1102116	2.50	**
Price	0.0003108	2.73	**
Lambda	0.0759199	1.80	*
_cons	−0.0765369	−0.45	ns

Notes:

Dependent variable: Trend; number of obs = 104; F (9, 94) = 3.33; Prob > F = 0.0014; R² = 0.1951; Root MSE = 0.0405;

p < 0.05;

p < 0.01; ***p < 0.001 (one-tailed test)

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