Variation

Model 1

Fixed effect

regression

Model 1

Random effect regression

Model 2

Fixed effect

regression

Model 2

Random effect regression

0.00264^***

(4.97)

0.00297^***

(5.73)

−7.21e−08^***

(−2.91)

−1.09e−07^***

(−4.4)

82.737^***

(5.70)

74.59029^***

(4.87)

−5.511606^***

(−5.90)

−5.09109^***

(−5.16)

Urbanization proportion

0.0764

(0.95)

−0.0343

(−0.75)

0.1706082^**

(2.14)

0.175084

(0.33)

Education investment

−0.000539^**

(−2.47)

−0.000213

(−0.97)

−0.0006632^***

(−3.27)

−0.0004811^***

(−2.32)

Highway density

−0.0015

(−1.28)

−0.00295^***

(−2.78)

−0.001922^*

(−1.70)

−0.002412^***

(−2.28 )

Agriculture modernization

0.0779

(0.05)

0.0424

(0.03)

0.5620046

(0.40)

0.597587

(0.46 )

Per capita public transfer payments

−0.0064^***

(−2.42)

−0.00762^***

(−2.46)

−0.0024758^**

(−2.04)

−0.0034319^*** (−2.71 )

Constant

21.50^***

(8.34)

25.97^***

(15.83)

333.7352^***

(5.87)

302.399^***

(5.02)

R square

0.625

0.618

0.521

0.543