Table 2.

Benchmark regression results.

	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)
	PSM-DID	PSM-DID	PSM-DID	PSM-DID	PSM-DID	PSM-DID	PSM-DID	PSM-DID	PSM-DID
	lnW	lnW	lnW	lnW	lnW	lnW	lnW	lnW	lnW
DID	−0.442 ***	−0.384 ***	−0.387 ***	−0.346 ***	−0.275 ***	−0.273 ***	−0.247 ***	−0.261 ***	−0.197 **
	(0.089)	(0.088)	(0.088)	(0.087)	(0.087)	(0.087)	(0.087)	(0.088)	(0.090)
lnex	−0.078 ***	−0.081 ***	−0.079 ***	−0.079 ***	−0.077 ***	−0.077 ***	−0.080 ***	−0.080 ***	−0.078 ***
	(0.019)	(0.019)	(0.019)	(0.018)	(0.018)	(0.018)	(0.018)	(0.018)	(0.018)
DID_lnex	−0.127 ***	−0.116 ***	−0.114 ***	−0.108 ***	−0.110 ***	−0.110 ***	−0.106 ***	−0.106 ***	−0.108 ***
	(0.037)	(0.036)	(0.036)	(0.035)	(0.035)	(0.035)	(0.035)	(0.035)	(0.035)
lnim	0.094 ***	0.095 ***	0.094 ***	0.039 ***	0.031 **	0.030 **	0.032 **	0.031 **	0.033 **
	(0.014)	(0.014)	(0.014)	(0.014)	(0.014)	(0.014)	(0.014)	(0.014)	(0.014)
DID_lnim	0.119 ***	0.112 ***	0.112 ***	0.102 ***	0.105 ***	0.105 ***	0.107 ***	0.107 ***	0.108 ***
	(0.023)	(0.023)	(0.023)	(0.022)	(0.022)	(0.022)	(0.022)	(0.022)	(0.022)
lnSize	0.609 ***	0.588 ***	0.575 ***	0.625 ***	0.665 ***	0.666 ***	0.658 ***	0.659 ***	0.654 ***
	(0.038)	(0.037)	(0.037)	(0.035)	(0.035)	(0.035)	(0.035)	(0.035)	(0.035)
lnSpe		2.670 ***	2.887 ***	0.887 ***	1.167 ***	1.166 ***	1.138 ***	1.152 ***	1.054 ***
		(0.215)	(0.218)	(0.242)	(0.242)	(0.241)	(0.241)	(0.241)	(0.244)
lnDe			0.836 ***	0.482 ***	0.673 ***	0.672 ***	0.672 ***	0.672 ***	0.667 ***
			(0.180)	(0.178)	(0.178)	(0.178)	(0.178)	(0.178)	(0.178)
lnKL				0.443 ***	0.360 ***	0.360 ***	0.361 ***	0.359 ***	0.366 ***
				(0.030)	(0.031)	(0.031)	(0.031)	(0.031)	(0.031)
opacf					0.404 ***	0.404 ***	0.395 ***	0.397 ***	0.389 ***
					(0.044)	(0.044)	(0.044)	(0.044)	(0.044)
time					0.002	0.002	0.002	0.002	0.002
					(0.001)	(0.001)	(0.001)	(0.001)	(0.001)
MI						0.057	0.122	0.097	0.092
						(0.160)	(0.160)	(0.163)	(0.163)
II							0.649 ***	0.684 ***	0.746 ***
							(0.144)	(0.145)	(0.146)
St								0.017	0.036 **
								(0.015)	(0.015)
PGDP									−0.320 ***
									(0.093)
_cons	9.726 ***	8.912 ***	8.560 ***	7.185 ***	5.133 ***	5.001 ***	4.430 ***	4.293 ***	7.612 ***
	(0.205)	(0.207)	(0.221)	(0.230)	(0.324)	(0.478)	(0.499)	(0.512)	(1.105)
r2_a	0.144	0.161	0.163	0.187	0.195	0.195	0.197	0.197	0.198
year	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
spatial	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
cluster	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes

Note: *** and ** represent statisticl significance at the 1% and 5% propability levels, respectively.