Table 4.

Regression results of equation (1).

	(1)	(2)	(3)	(4)	(5)
Variables	Deco	Deco	Deco	Deco	Deco
DJ	0.0646***	0.1026***	0.1047***	0.1022***	0.1014***
	(0.0222)	(0.0162)	(0.0161)	(0.0159)	(0.0158)
Pden		0.1910*	0.1759	0.1734	0.1678
		(0.1126)	(0.1097)	(0.1089)	(0.1085)
Gpop		0.3523***	0.3727***	0.3816***	0.3660***
		(0.1189)	(0.1189)	(0.1185)	(0.1186)
Rcity		−1.2383***	−1.3423***	−1.3472***	−1.3480***
		(0.2257)	(0.2149)	(0.2145)	(0.2146)
Rcity2		2.2341***	2.2484***	2.2310***	2.2319***
		(0.3087)	(0.3117)	(0.3116)	(0.3116)
Hcap		1.0858	0.8032	0.6892	0.6562
		(1.0500)	(1.0425)	(1.0274)	(1.0314)
Lnpgdp			0.1130***	0.1155***	0.0984**
			(0.0392)	(0.0393)	(0.0414)
Open			0.0359	0.0960	0.0309
			(0.4384)	(0.4419)	(0.4390)
Indstr			−0.3017***	−0.2937***	−0.3009***
			(0.0943)	(0.0923)	(0.0927)
Fsize				0.3712**	0.3745**
				(0.1704)	(0.1707)
Fiscal					0.0740
					(0.0510)
Constant	0.0646***	0.1026***	0.1047***	0.1022***	0.1014***
	(0.0222)	(0.0162)	(0.0161)	(0.0159)	(0.0158)
Individual	YES	YES	YES	YES	YES
Province	YES	YES	YES	YES	YES
Observations	1840	1840	1840	1840	1840
N	229	229	229	229	229
R2	0.5058	0.6429	0.6610	0.6711	0.6731

Robust standard errors are in parentheses; ***p < 0.01, **p < 0.05, *p < 0.1.