Table 3 Benchmark regression results...

Table 3

Benchmark regression results

Variables	(1)	(2)
Variables	Without CV	With CV
DID	0.205**	0.161**
DID	(2.52)	(2.30)
ln GDP		0.358***
ln GDP		(2.64)
ln Urban permanent population		2.171***
ln Urban permanent population		(2.84)
Urbanization rate		−0.004
Urbanization rate		(−0.36)
Constant	−0.060***	−19.166***
Constant	(−2.68)	(−3.15)
Observations	2,245	2,239
R-squared	0.917	0.925

Variables	(1)	(2)
Variables	Without CV	With CV
DID	0.205**	0.161**
DID	(2.52)	(2.30)
ln GDP		0.358***
ln GDP		(2.64)
ln Urban permanent population		2.171***
ln Urban permanent population		(2.84)
Urbanization rate		−0.004
Urbanization rate		(−0.36)
Constant	−0.060***	−19.166***
Constant	(−2.68)	(−3.15)
Observations	2,245	2,239
R-squared	0.917	0.925

Note(s): ***, ** and * denote the significance level of 1, 5 and 10%, respectively; both year and city fixed effects are controlled in all the columns. The numbers in brackets represent t-values, which are calculated using robust standard error from clustering to the city level. The meaning is the same when not specified in the following table

Source(s): Authors' own work

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