Table 3.
Benchmark regression results.
| VARIABLES | (1) |
(2) |
(3) |
(4) |
(5) |
(6) |
(7) |
(8) |
|---|---|---|---|---|---|---|---|---|
| gap | gap | gap | gap | gap | gap | gap | gap | |
| CRexpress | −0.0424*** | −0.0390*** | −0.0391*** | −0.0394*** | −0.0399*** | −0.0398*** | −0.0386*** | −0.0511*** |
| (−3.69) | (−3.48) | (−3.51) | (−3.55) | (−3.63) | (−3.63) | (−3.58) | (−4.68) | |
| structure_2 | −0.2400*** | −0.2454*** | −0.2469*** | −0.2143*** | −0.2178*** | −0.2007*** | −0.5345*** | |
| (−3.22) | (−3.50) | (−3.51) | (−2.99) | (−3.02) | (−2.90) | (−5.79) | ||
| urbanization | 0.0088 | 0.0119 | 0.0120 | 0.0106 | 0.0285 | −0.0537 | ||
| (0.20) | (0.27) | (0.28) | (0.24) | (0.61) | (−0.92) | |||
| finance | −0.0478 | −0.0309 | −0.0295 | −0.0251 | 0.0017 | |||
| (−1.15) | (−0.81) | (−0.77) | (−0.75) | (0.07) | ||||
| FDI | −0.0135*** | −0.0136*** | −0.0133*** | −0.0003 | ||||
| (−3.19) | (−3.20) | (−3.15) | (−0.11) | |||||
| education | 0.0053 | 0.0044 | −0.0193** | |||||
| (0.59) | (0.50) | (−2.15) | ||||||
| per_GDP | 0.0009 | −0.0060** | ||||||
| (0.23) | (−2.23) | |||||||
| technology | −0.0200*** | −0.0204** | ||||||
| (−2.92) | (−2.13) | |||||||
| Observations | 3265 | 3265 | 3265 | 3265 | 3265 | 3265 | 3265 | 960 |
| Adjusted R-squared | 0.854 | 0.857 | 0.857 | 0.857 | 0.859 | 0.859 | 0.861 | 0.913 |
| City FE | YES | YES | YES | YES | YES | YES | YES | YES |
| Year FE | YES | YES | YES | YES | YES | YES | YES | YES |
Robust t-statistics in parentheses ***p < 0.01, **p < 0.05, *p < 0.1.