Estimation Method

OLS

OLS

OLS

OLS

income growth_ijd

(1)

(2)

(3)

(4)

log(income_ijdt)

−0.347***

−0.325***

−0.324***

−0.323***

(0.011)

(0.011)

(0.011)

(0.011)

age_ijdt

−0.007***

−0.007***

−0.007***

−0.007***

(0.001)

(0.001)

(0.001)

(0.001)

VD_ijdt

−0.283***

−0.262***

−0.275***

−0.270***

(0.044)

(0.041)

(0.040)

(0.040)

log(popdes_ct)

−0.132***

0.027

0.077*

0.082*

(0.037)

(0.038)

(0.039)

(0.040)

Small size

Ref.

Ref.

Ref.

Ref.

Medium small size

−0.156***

−0.195***

−0.194***

−0.193***

(0.019)

(0.019)

(0.019)

(0.018)

Medium large size

−0.243***

−0.294***

−0.288***

−0.288***

(0.022)

(0.022)

(0.022)

(0.021)

Large size

−0.237***

−0.302***

−0.294***

−0.294***

(0.027)

(0.026)

(0.026)

(0.025)

Geographic dummy

Yes

Yes

Yes

Yes

Industrial dummy

Yes

Yes

Yes

Yes

RV_dt

−0.394***

−0.002

(0.038)

(0.056)

UV_dt

−0.026***

−0.025***

(0.002)

(0.004)

lambda

−7.402***

−10.417***

−10.438***

−10.438***

(0.713)

(0.729)

(0.739)

(0.720)

No. of Obs.

83,067

83,067

83,067

83,067

R-Squared

0.498

0.503

0.507

0.507

Log Likelihood

−119,115

−118,684

−118,369

−118,334

Selection Equation

No. of Obs.

84,868

84,868

84,868

84,868

Pseudo-R-Squared

0.007

0.015

0.015

0.015

Log Pseudo-Likelihood

−8594.431

−8529.757

−8526.469

−8523.460

Wald Chi Square [p-value]

128.94 [0.000]

195.29 [0.000]

192.40 [0.000]

192.36 [0.000]