PFE

Model

SAR_FE Model

SEM_FE Model

SAC_FE_IND Model

SAC_FE_IT Model

lcoal

0.410***

0.324***

0.170**

0.256***

0.149**

(−4.72)

(−4.70)

(−2.07)

(−4.83)

(−2.47)

laprice

1.205***

0.569***

1.274***

0.201**

0.621***

(−10.32)

(−5.36)

(−12.33)

(−2.30)

(−4.77)

lur

4.412***

4.371***

1.697**

4.192***

3.002***

(−5.16)

(−6.49)

(−2.50)

(−6.78)

(−4.68)

lem

0.139*

0.349***

0.425***

0.292***

0.572***

(−1.67)

(−5.15)

(−5.87)

(−5.54)

(−9.14)

lg

−0.069

−0.257***

−0.138*

−0.237***

−0.214***

(−0.71)

(−3.25)

(−1.68)

(−3.77)

(−2.99)

lnx

−0.001

−0.002

−0.001

−0.001

0.001

(−0.51)

(−0.95)

(−0.47)

(−0.56)

(−0.32

intercept

−21.004***

(−6.04)

rho

0.486***

0.749***

0.311***

(−12.03)

(−16.84)

(−3.11)

lambda

0.574***

−0.679***

−0.391***

(−11.07)

(−5.80)

(−2.72)

sigma2_e

0.035***

0.037***

0.029***

0.028***

(−13.24)

(−12.95)

(−11.23)

(−12.99)

N

360

360

360

360

360

R²

0.92

0.675

0.757

0.645

0.81