Table 4.

Heterogeneity of information level.

	(1)	(2)
	$lncb$	$lncb$
$ty\times IL$	0.007
	(0.013)
$ty\times IH$		−0.082 ***
		(0.008)
$lngdp$	−0.739 ***	−0.727 ***
	(0.013)	(0.013)
$hum$	0.050	0.039
	(0.140)	(0.137)
$urban$	−0.107 ***	−0.059 *
	(0.034)	(0.033)
$finan$	0.041 ***	0.042 ***
	(0.004)	(0.004)
$edu$	1.091 ***	1.169 ***
	(0.325)	(0.319)
$inter$	0.027 ***	0.019 **
	(0.008)	(0.008)
_$cons$	19.415 ***	19.209 ***
	(0.215)	(0.211)
Time effect	Yes	Yes
City effect	Yes	Yes
$N$	3288	3288
$R-sq$	0.984	0.985

Note: Standard errors are in parentheses, and ***, **, * denote significance at the levels of 1%, 5%, and 10%, respectively.