| Estimation Method | IV-TSLS |
| income growthijd | (1) |
| log(incomeijdt) | −0.344*** |
|
| (0.030) |
| ageijdt | −0.009*** |
|
| (0.000) |
| VDijdt | −0.182* |
|
| (0.100) |
| log(popdesct) | −0.068 |
|
| (0.150) |
| Small size | Ref. |
| Medium small size | −0.126*** |
|
| (0.040) |
| Medium large size | −0.203*** |
|
| (0.040) |
| Large size | −0.238*** |
|
| (0.060) |
| Geographic dummy | Yes |
| Industrial dummy | Yes |
| RVdt | 1.241* |
|
| (0.710) |
| UVdt | −0.060* |
|
| (0.030) |
| lambda | −5.775*** |
|
| (1.580) |
| Endogeneity Test(chi-square [p-value]) | 8.424 [0.015] |
| Cragg-Donald Wald F statistics | 769.899 |
| No. of Obs. | 33,669 |
| R-Squared | 0.427 |
| F statistics [p-value] | 323.848 [0.000] |
| Log Likelihood | −50320.77 |