Variable

Nationwide

Northeast

East

West

Central

TC_t−1

0.3827***

−0.082

−0.2120***

0.1827

0.2637***

(0.0860)

(0.1940)

(0.0740)

(0.1130)

(0.0750)

Patent

0.0116

−0.0580**

0.0039

0.0269***

−0.0347*

(0.0110)

(0.0250)

(0.0110)

(0.0100)

(0.0210)

Energy

−0.1376

−0.3558**

0.0878***

−0.042

−0.8486***

(0.0870)

(0.1790)

(0.0320)

(0.1200)

(0.1820)

Ownership

0.0246

0.0598

−0.1414**

0.0592

0.0335

(0.0450)

(0.1450)

(0.0600)

(0.1130)

(0.1100)

Industrial

0.1113

0.4097

0.1869***

−0.1034

−0.4052