Variables and indicators

Fixed effect model

Random effect model

Static model

Dynamic model

Total samples

Except 2004

Except 2011

Except 2016

①

②

③

④

⑤

⑥

lnGDP

0.559***

0.473***

0.644***

0.629***

0.608***

0.641***

(4.09)

(3.26)

(9.17)

(8.78)

(8.69)

(8.89)

lnConsumption

−0.002

−0.104

0.089

0.061

0.036

0.091

(−0.01)

(−0.57)

(0.86)

(0.58)

(0.35)

(0.85)

Urban

0.017*

0.012

−0.009**

−0.010**

−0.009**

−0.010**

(1.86)

(1.31)

(−2.23)

(−2.39)

(−2.16)

(−2.30)

lnFinancial

0.239***

0.168**

0.270***

0.289***

0.310***

0.274***

(3.06)

(1.98)

(3.70)

(3.78)

(4.17)

(3.61)

IP

0.216***

0.211***

0.207***

0.202***

0.240***

0.212***

(5.80)

(5.68)

(5.68)

(5.50)

(6.26)

(5.42)

Highway

0.082***

0.058**

0.076***

0.079***

0.079***

0.075***

(3.18)

(2.13)

(3.25)

(3.28)

(3.38)

(3.09)

RP

−0.538***

−0.435***

−0.791***

−0.802***

−0.804***

−0.778***

(−3.74)

(−2.98)

(−6.78)

(−6.82)

(−6.70)

(−6.34)

L.lnCars

0.275***

(6.51)

_cons

−4.264***

−4.141***

−4.123***

−4.251***

(−11.46)

(−11.11)

(−11.33)

(−11.27)

Wx:

lnProduction

0.225***

0.269***

0.068*

0.066*

0.054

0.065

(4.59)

(5.30)

(1.70)

(1.66)

(1.45)

(1.63)

lnOwnership

−0.527***

−0.410***

−0.402***

−0.379***

−0.328**

−0.402***

(−3.38)

(−2.58)

(−3.31)

(−3.04)

(−2.57)

(−3.20)

lnCost

−0.813*

−0.641

−0.111

−0.076

−0.115

−0.100

(−1.76)

(−1.32)

(−0.65)

(−0.44)

(−0.70)

(−0.57)

lnFreight

0.656***

0.429**

0.347**

0.299**

0.364**

0.344**

(3.27)

(2.01)

(2.37)

(2.03)

(2.58)

(2.31)

lnPassenger

0.021

0.014

−0.079

−0.095

−0.112*

−0.085

(0.29)

(0.18)

(−1.27)

(−1.51)

(−1.73)

(−1.34)

Spatial rho

0.165

0.098

0.254**

0.275***

0.193*

0.255**

(1.57)

(0.89)

(2.51)

(2.68)

(1.78)

(2.44)

Variance:

sigma2_e

0.112***

0.115***

0.124***

0.125***

0.127***

0.131***

(16.68)

(17.18)

(15.78)

(15.24)

(15.37)

(15.31)

lgt_theta

−0.293

−0.175

−0.099

−0.171

(−0.90)

(−0.50)

(−0.29)

(−0.50)

N

558

527

558

527

527

527

R²

0.781

0.801

0.901

0.899

0.906

0.898