Estimation Method

TSLS

TSLS

TSLS

TSLS

income growth_ijd

Small Size (1)

Medium Small (2)

Medium Large (3)

Large Size (4)

log(income_ijdt)

−0.723***

−0.588***

−0.431***

−0.241***

(0.050)

(0.020)

(0.020)

(0.010)

age_ijdt

−0.013***

−0.013***

−0.016***

0.004***

(0.000)

(0.000)

(0.000)

(0.000)

VD_ijdt

−0.129

−0.081

−0.306***

−0.197**

(0.100)

(0.060)

(0.090)

(0.080)

log(popdes_ct)

−0.162

−0.075

0.000

−0.252***

(0.260)

(0.110)

(0.110)

(0.070)

Geographic dummy

Yes

Yes

Yes

Yes

Industrial dummy

Yes

Yes

Yes

Yes

RV_dt

0.806

0.9

0.791

0.619*

(1.390)

(0.620)

(0.790)

(0.360)

UV_dt

−0.025

−0.04

−0.05

−0.024

(0.100)

(0.040)

(0.050)

(0.020)

Lambda

4.631***

4.999***

−3.955***

−17.696***

(1.560)

(1.480)

(1.340)

(2.320)

Endogeneity Test (chi-square [p-value])

7.393 [0.025]

9.362 [0.009]

3.652 [0.161]

18.283 [0.000]

Cragg-Donald Wald F statistics

27.033

180.622

158.923

453.833

No. of Obs.

14,376

19,765

21,665

27,261

Model F Statistic [p-value]

208.57 [0.000]

274.61 [0.000]

290.66 [0.000]

423.25 [0.000]

R-Squared

0.447

0.44

0.441

0.437

Log Likelihood

−20181.1

−28007.3

−30679.9

−39552.3