Variables | (1) | (2) | (3) | (4) | (5) |
---|---|---|---|---|---|
MVAIC i,t | CEEi,t | HCEi,t | SCEi,t | RCEi,t | |
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 |