Table 2. Results of the benchmark model.
| Variable | (1) | (2) | (3) | (4) | (5) | (6) |
|---|---|---|---|---|---|---|
| Digit | 1.616*** | 1.597*** | 1.678*** | 1.839*** | 1.476*** | 1.405*** |
| (2.685) | (2.789) | (2.932) | (3.097) | (2.807) | (2.817) | |
| fdi | 0.038*** | 0.034** | 0.031*** | 0.035*** | 0.036*** | |
| (3.951) | (2.569) | (2.782) | (3.136) | (3.017) | ||
| is | -0.026*** | -0.023*** | -0.022*** | -0.022*** | ||
| (-4.452) | (-3.605) | (-3.007) | (-3.008) | |||
| grp | 0.907*** | 1.017*** | 1.033*** | |||
| (2.886) | (3.030) | (3.028) | ||||
| lnhr | 0.698*** | 0.638*** | ||||
| (3.871) | (3.107) | |||||
| lnrd | 0.091 | |||||
| (0.819) | ||||||
| Constant | 12.059*** | 11.974*** | 12.935*** | 12.666*** | 11.497*** | 11.559*** |
| (469.553) | (371.387) | (51.771) | (40.946) | (21.125) | (22.196) | |
| City effect | Yes | Yes | Yes | Yes | Yes | Yes |
| Year effect | Yes | Yes | Yes | Yes | Yes | Yes |
| Observations | 4275 | 4275 | 4275 | 4275 | 4275 | 4275 |
Notes: The t-statistic in parenthesis.
***, **, and * indicate statistically significant at 1%, 5%, and 10%, respectively.