Table 6.
Estimation results of industry heterogeneity
| Variable | Sub-industry | |||||
|---|---|---|---|---|---|---|
| WRT | TWPT | ITCSS | FIN | LCS | SRTSGE | |
| lnPJ | 0.4215*** (3.14) | 0.0046*** (0.03) | − 0.7793*** (− 2.71) | − 0.4201***(− 3.14) | 0.6706*** (2.97) | − 0.2504*** (− 0.8) |
| W*lnPJ | − 0.5879 (− 0.56) | 5.2577*** (3.41) | − 1.748* (− 0.6) | − 0.9902 (− 0.79) | 0.1056 (0.05) | − 6.9024* (− 1.92) |
| Control | Yes | Yes | Yes | Yes | Yes | Yes |
| Time-fixed | Yes | Yes | Yes | Yes | Yes | Yes |
| City-fixed | Yes | Yes | Yes | Yes | Yes | Yes |
| ρ | 0.838*** (20.24) | 0.8269*** (18.84) | 0.8373*** (20.16) | 0.838*** (20.24) | 0.8382*** (20.27) | 0.8374*** (20.16) |
| R2 | 0.37 | 0.511 | 0.25 | 0.36 | 0.46 | 0.38 |
Z-values are in ()
*Significance at 10% level; ***significance at 1% levels