Table 9 Regression results with region perspective

Panel A: eastern region

FEM1

0.016

0.004

0.003

0.004

− 0.007

(0.689)

(0.205)

(0.113)

(0.386)

(− 0.347)

FEM2

0.071**

0.014*

0.009*

0.006

0.013

(2.502)

(1.655)

(1.819)

(0.538)

(0.567)

FEM3

0.102***

0.089**

0.054**

0.056***

0.039***

(2.767)

(1.976)

(2.141)

(4.247)

(6.653)

N

5,921

6,000

5,923

6,159

4,875

R²

0.191

0.372

0.302

0.231

0.479

Control variables

Yes

Yes

Yes

Yes

Yes

Year dummy

Yes

Yes

Yes

Yes

Yes

Industry dummy

Yes

Yes

Yes

Yes

Yes

Panel B: western region

FEM1

0.015*

− 0.002

0.001*

− 0.003

− 0.010

(1.803)

(− 0.813)

(1.651)

(− 0.876)

(− 0.222)

FEM2

0.017

0.015

0.014*

0.011

0.015**

(1.493)

(1.255)

(1.818)

(0.333)

(2.084)

FEM3

0.026**

0.034***

0.032**

0.012**

0.033***

(1.975)

(3.490)

(2.154)

(1.837)

(2.944)

N

858

1,043

862

1,105

1,040

R²

0.154

0.503

0.218

0.037

0.311

Control variables

Yes

Yes

Yes

Yes

Yes

Year dummy

Yes

Yes

Yes

Yes

Yes

Industry dummy

Yes

Yes

Yes

Yes

Yes

Panel C: central region

FEM1

− 0.047

0.025

0.014

0.033

− 0.054

(− 0.553)

(0.634)

(0.157)

(1.332)

(− 1.359)

FEM2

0.078

0.026

0.134

0.056**

0.040

(0.809)

(0.592)

(1.287)

(1.968)

(0.883)

FEM3

0.024*

0.098*

0.051**

0.016***

0.004*

(1.919)

(1.842)

(2.000)

(3.462)

(1.877)

N

807

975

967

1,012

974

R2

0.128

0.587

0.238

0.035

0.530

Control variables

Yes

Yes

Yes

Yes

Yes

Year dummy

Yes

Yes

Yes

Yes

Yes

Industry dummy

Yes

Yes

Yes

Yes

Yes