Table 7.

Results of robustness test: excluding Beijing and Shanghai

Variables	lnVI			lnDE
	(1)	(2)	(3)	(4)	(5)
lnUR	0.0671*	− 2.1651***	20.6813***	− 0.1012**	− 0.8966**
	(1.68)	(− 4.82)	(3.95)	(− 2.57)	(− 1.99)
lnUR2		0.3111***	− 5.8442***		0.1109*
		(4.99)	(− 4.15)		(1.77)
lnUR3			0.5510***
			(4.38)
lnGDP	− 0.0128	0.0012	0.0283	0.0287	0.0337
	(− 0.38)	(0.03)	(0.85)	(0.86)	(1.00)
lnME	0.2954***	0.3029***	0.3364***	0.0601**	0.0628**
	(11.58)	(12.19)	(13.19)	(2.40)	(2.51)
lnED	− 0.0800***	− 0.0553**	− 0.0564**	− 0.1500***	− 0.1412***
	(− 2.91)	(− 2.03)	(− 2.12)	(− 5.52)	(− 5.12)
lnEN	− 0.0548***	− 0.0416***	− 0.0385***	− 0.0190*	− 0.0143
	(− 5.21)	(− 3.96)	(− 3.74)	(− 1.84)	(− 1.35)
lnOR	− 0.0142	− 0.0056	0.0014	0.2067***	0.2097***
	(− 0.45)	(− 0.18)	(0.05)	(6.81)	(6.92)
Constant	0.3530	3.9025***	− 24.6670***	2.4909***	3.7557***
	(1.00)	(4.93)	(− 3.75)	(7.08)	(4.69)
Observations	464	464	464	464	464
R2	0.960	0.962	0.964	0.303	0.308
Province FE	Yes	Yes	Yes	Yes	Yes
Year FE	Yes	Yes	Yes	Yes	Yes
Hausman	P = 0.0000	P = 0.0000	P = 0.0000	P = 0.0000	P = 0.0000

^*, ^**, and ^*** indicate significance levels of 10%, 5%, and 1%, respectively.