Independent variables

Covariance Model

Random Coefficient Model

Situational Model

Complete Model

RD

1.6210***

(63.78)

1.4740***

(7.23)

1.4942***

(7.30)

1.5309***

(7.67)

subsidy

0.0190***

(14.62)

0.1719***

(13.28)

0.0172***

(13.29)

0.0172***

(13.29)

ownership

−0.0042***

(−3.14)

−0.0036***

(−2.73)

−0.0036***

(−2.74)

−0.0036***

(−2.74)

size

0.0158***

(44.84)

0.0157***

(44.69)

0.0157***

(44.68)

0.0157***

(44.69)

wage

0.0062***

(6.14)

0.0057***

(5.67)

0.0056***

(5.59)

0.0056***

(5.59)

edu

0.0018***

(5.01)

0.0016***

(4.47)

0.0016***

(4.48)

0.0016***

(4.48)

area_rd

2.9725***

(6.43)

3.1657***

(6.56)

RD*area_rd

28.5358

(1.44)

Interceptterm

−0.1406***

(−16.34)

−0.1378***

(−16.77)

−0.1318***

(−21.37)

−0.1314***

(−21.33)

Log likelihood

44192.598

45187.478

45200.177

45201.175