Table 6. The disparity between urban areas and peripheral counties.
| Total effect | Extensive margin | Intensive margin | |||
|---|---|---|---|---|---|
| Patent number | W_Citation | Firm number with patent | Innovation | W_Citation | |
| (1) | (2) | (3) | (4) | (5) | |
| HSR×Urban | 0.686*** | 0.556*** | 0.565*** | 0.176*** | 0.174*** |
| (0.0602) | (0.0622) | (0.0368) | (0.0321) | (0.0412) | |
| HSR×County | 0.269*** | 0.254*** | 0.183*** | -0.0243 | 0.0268 |
| (0.0550) | (0.0563) | (0.0348) | (0.0372) | (0.0437) | |
| Controls | Yes | Yes | Yes | - | - |
| County/firm fixed effects | Yes | Yes | Yes | Yes | Yes |
| Province-Year fixed effects | Yes | Yes | Yes | Yes | Yes |
| Number of counties/firms | 1,972 | 1,972 | 1,972 | 174,542 | 174,542 |
| R2 | 0.87 | 0.853 | 0.893 | 0.424 | 0.447 |
| Observation | 25,636 | 25,636 | 25,636 | 1,531,946 | 1,531,946 |
Notes: *, **, *** refers to the statistical significance at 10%, 5%, and 1%, respectively. The standard errors are reported in parentheses and clustered at county and firm levels.