Table 9.
Influence of market environment and regional development.
| Variable | PEB |
NEB |
||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Market Environment |
Regional Development |
Market Environment |
Regional Development |
|||||||
| (1) |
(2) |
(3) |
(4) |
(5) |
(6) |
(7) |
(8) |
(9) |
(10) |
|
| Govern-ment-driven | Market-driven | Eastern | Central | Western | Govern-ment-driven | Market-driven | Eastern | Central | Western | |
| FER | −0.079* | −0.069 | −0.248*** | 0.162 | −0.183 | 0.119*** | −0.113 | 0.020 | 1.250*** | 0.507*** |
| (-1.75) | (-0.47) | (-3.45) | (0.29) | (-1.46) | (3.04) | (-1.37) | (0.38) | (2.61) | (4.41) | |
| FER2 | 0.005* | 0.005 | 0.015*** | −0.010 | 0.011 | −0.008*** | 0.007 | −0.001 | −0.069*** | −0.032*** |
| (1.76) | (0.65) | (3.75) | (-0.35) | (1.47) | (-3.57) | (1.50) | (-0.24) | (-2.70) | (-4.48) | |
| IER | 0.015 | 0.011 | 0.036*** | −0.007 | −0.062* | −0.032*** | −0.020** | −0.026*** | 0.094 | 0.034 |
| (1.15) | (0.90) | (2.68) | (-0.05) | (-1.70) | (-3.39) | (-2.15) | (-2.95) | (0.80) | (1.06) | |
| Cons | −0.164 | −0.155 | 0.394 | −1.081 | 0.677 | −0.477** | 0.706* | 0.056 | −7.156*** | −2.039*** |
| (-0.75) | (-0.23) | (1.21) | (-0.36) | (1.07) | (-2.53) | (1.83) | (0.24) | (-2.71) | (-3.63) | |
| Controls | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| IIND & YEAR | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| N | 1809 | 1549 | 2390 | 588 | 379 | 1809 | 1549 | 2390 | 588 | 379 |
| Adj_R2 | 0.122 | 0.115 | 0.127 | 0.136 | 0.156 | 0.275 | 0.278 | 0.217 | 0.306 | 0.387 |
Note: ***p < 0.01, **p < 0.05, *p < 0.1. Figures in parentheses are robust standard errors. All U-shaped and inverted U-shaped curves passed the U test. To limit the length of the table, Controls represents all control variables.