Table 5.

Estimation results of the spatial panel Durbin model.

Variable	Spatial Fixed Effects		Time Fixed Effect		Space-Time Dual Fixed Effect
	Coef.	t-Stat.	Coef.	t-Stat.	Coef.	t-Stat.
population	0.0006	0.5071	0.0183 ***	7.9808	−0.0001	−0.0928
agdp	0.0267 ***	5.4137	0.1166 ***	4.8157	0.0256 ***	5.1676
lnincome	0.0351 *	1.8029	−0.4142 ***	−5.9704	0.0459 **	2.3188
lnoutcome	−0.0269	−1.0169	1.0349 ***	11.9747	−0.0463 *	−1.7067
lnretail	−0.0173	−1.5148	−0.4262 ***	−7.8622	−0.0191 *	−1.6518
W × population	−0.0019	−0.9821	−0.0360 ***	−7.7888	−0.0049 **	−2.3762
W × agdp	−0.0318 ***	−4.6103	−0.1515 ***	−4.3364	−0.0311 ***	−4.3880
W × lnincome	−0.0013	−0.0470	0.5904 ***	5.5074	0.0541	1.5907
W × lnoutcome	0.0431	1.3908	−0.9540 ***	−5.9891	−0.1408 ***	−2.6438
W × lnretail	0.0315	1.5265	0.1050	1.0820	0.0157	0.7076
ρ	0.7790 ***	52.4570	0.6560 ***	34.0420	0.7427 ***	45.3354
sigma2	0.0470		2.1810		0.0471
Log-likelihood	91.591922		−3595.055		112.44549
R-squared	0.9909		0.5580		0.9910

Note: ***, ** and * indicate significance at the significance level of 1%, 5% and 10% respectively.