Table 7.
Heterogeneity analysis.
| Different regions | Different development levels | |||||
|---|---|---|---|---|---|---|
| (1) | (2) | (3) | (4) | (5) | (6) | |
| Southern region | Central region | Northern region | Low | Medium | High | |
| Policy | 0.067*** (0.021) | 0.050*** (0.014) | 0.004 (0.016) | 0.023 (0.016) | 0.012 (0.022) | 0.053*** (0.016) |
| lnincome | − 0.070 (0.063) | 0.018 (0.025) | 0.026 (0.031) | 0.014 (0.020) | − 0.013 (0.018) | − 0.078 (0.056) |
| fis | − 0.106 (0.147) | 0.083 (0.136) | 0.034 (0.083) | − 0.043 (0.060) | − 0.100 (0.076) | − 0.121 (0.152) |
| dis | − 0.018 (0.019) | 0.027 (0.018) | − 0.033** (0.012) | − 0.016* (0.008) | − 0.005 (0.008) | 0.014 (0.015) |
| power | − 0.001 (0.002) | − 0.002 (0.003) | − 0.001 (0.002) | − 0.003* (0.001) | 0.001 (0.001) | 0.001 (0.001) |
| urban | − 0.167 (0.123) | 0.078 (0.057) | 0.008 (0.089) | 0.017 (0.067) | − 0.023 (0.053) | 0.064 (0.069) |
| emp | − 0.344*** (0.093) | − 0.177*** (0.063) | − 0.188*** (0.047) | − 0.161*** (0.029) | − 0.070* (0.036) | − 0.158** (0.071) |
| indu | 0.031 (0.107) | 0.055 (0.097) | 0.034 (0.055) | 0.078** (0.038) | − 0.080 (0.054) | 0.172** (0.066) |
| Constant | 1.283** (0.505) | 0.342* (0.192) | 0.198 (0.270) | 0.282 (0.169) | 0.571*** (0.150) | 1.175** (0.481) |
| Year dummy | Yes | Yes | Yes | Yes | Yes | Yes |
| Region dummy | Yes | Yes | Yes | Yes | Yes | Yes |
| Observations | 299 | 286 | 292 | 332 | 273 | 273 |
| R2 | 0.374 | 0.369 | 0.316 | 0.355 | 0.171 | 0.273 |
***, **, and * denote significance at 1%, 5%, and 10%, respectively. Standard errors are in parentheses.