Table 5.
Heterogeneous analysis
| Variables | (1) | (2) | (3) | (4) | (5) | (6) |
|---|---|---|---|---|---|---|
| East | Central and West | Large income gap | Small income gap | High fiscal expenditure ratio | Low fiscal expenditure ratio | |
| Integration | -0.002 | -0.010** | -0.012** | -0.005 | -0.019*** | -0.008* |
| (0.006) | (0.004) | (0.006) | (0.005) | (0.005) | (0.004) | |
| Economic development | 0.017 | -0.010 | -0.050 | 0.056** | -0.105*** | 0.145*** |
| (0.050) | (0.030) | (0.037) | (0.022) | (0.037) | (0.031) | |
| Industrial structure | -0.005 | -0.002 | -0.002 | -0.002 | 0.003* | -0.001 |
| (0.007) | (0.002) | (0.002) | (0.001) | (0.002) | (0.003) | |
| Human capital | 2.203** | 0.358 | 1.501* | -0.671 | -0.321 | 0.881 |
| (0.918) | (1.174) | (0.906) | (0.921) | (1.234) | (0.978) | |
| Fiscal expenditure ratio | -0.371** | -0.033 | -0.229** | -0.097 | -0.105 | -0.207 |
| (0.175) | (0.073) | (0.094) | (0.068) | (0.074) | (0.183) | |
| Opening‒up | 0.047 | -0.092 | -0.309** | 0.159** | -0.232*** | 0.317*** |
| (0.144) | (0.061) | (0.124) | (0.0r64) | (0.085) | (0.113) | |
| Financial development | -0.022 | 0.007 | 0.011 | 0.014 | -0.001 | 0.039* |
| (0.034) | (0.017) | (0.026) | (0.015) | (0.025) | (0.021) | |
| Constant | 2.051*** | 2.489*** | 3.212*** | 1.409*** | 3.636*** | 0.516 |
| (0.632) | (0.352) | (0.432) | (0.257) | (0.424) | (0.384) | |
| City fixed effect | Yes | Yes | Yes | Yes | Yes | Yes |
| Time fixed effect | Yes | Yes | Yes | Yes | Yes | Yes |
| Observations | 476 | 1,503 | 983 | 983 | 972 | 983 |
| R-squared | 0.989 | 0.985 | 0.977 | 0.972 | 0.991 | 0.985 |
The values in parentheses represent clustered robust standard errors, with, *, **and *** indicating significance at the 10%, 5%, and 1% levels, respectively