Table 3.
Descriptive statistics of main variables.
| Variable | Obs | Mean | Std. Dev. | Min | Max |
|---|---|---|---|---|---|
| Deco | 1840 | 4.0036 | 0.5818 | 3.3196 | 7.2342 |
| DJ | 1840 | 2.5254 | 1.3060 | 0.6931 | 5.6454 |
| Fd | 1840 | 0.0327 | 0.0538 | 0.0013 | 0.5463 |
| FinTech | 1840 | 1.6374 | 0.6608 | 0.2948 | 2.8197 |
| Pden | 1840 | 0.4668 | 0.3202 | 0.0051 | 2.6483 |
| Gpop | 1840 | 0.0565 | 0.0512 | −0.0692 | 0.2140 |
| Rcity | 1840 | 0.3465 | 0.2238 | 0.0468 | 1.0000 |
| Lnpgdp | 1840 | 1.4876 | 0.6522 | −0.3594 | 3.5325 |
| Open | 1840 | 0.0186 | 0.0174 | 0.0000 | 0.1978 |
| Indstr | 1840 | 0.0236 | 0.0287 | 0.0183 | 1.2526 |
| Fsize | 1840 | 0.0966 | 0.0591 | 0.0114 | 0.7450 |
| Fiscal | 1840 | 0.5013 | 0.2319 | 0.0702 | 2.6651 |