Table 7.
Benchmark regression results.
| Variable | (1) | (2) | (3) |
|---|---|---|---|
| MICR | MICR | MICR | |
| SL |
0.773*** (26.31) |
0.737*** (15.17) |
0.668*** (10.07) |
| IE |
4.539*** (4.82) |
4.704*** (4.96) |
|
| IS |
0.000 (0.28) |
0.000 (0.30) |
|
| FE |
0.005 (1.17) |
0.003 (0.45) |
|
| FDI |
−0.030 (−1.31) |
−0.060** (−2.44) |
|
| EG |
−0.099 (−1.22) |
||
| EI |
−0.006* (−1.69) |
||
| UR |
0.345*** (3.42) |
||
| GD |
−0.040 (−0.45) |
||
| Constant |
0.003 (0.46) |
0.010 (1.06) |
−0.233* (−1.82) |
| Year FE | No | Yes | Yes |
| ID FE | No | Yes | Yes |
| N | 360 | 360 | 360 |
| Adj R2 | 0.698 | 0.958 | 0.964 |
Note: * p < 0.1, ** p < 0.05, *** p < 0.01; t-values are clustered by province level and are shown in parentheses. These notation conventions apply to all subsequent tables and will not be repeated.