Explained variables

lnnumber

lnvc

lnnumber

lnvc

lnnumber

lnvc

Internet industry

Life Service Industry

New Industries

(1)

(2)

(3)

(4)

(5)

(6)

EPU

−1.773***

−5.590**

−0.973**

−2.184**

−1.009***

−5.785**

(0.501)

(2.637)

(0.448)

(0.969)

(0.315)

(2.261)

lnedu

0.042

−3.966**

−0.589

−3.458

0.420

−0.007

(0.439)

(1.733)

(0.788)

(3.057)

(0.440)

(1.780)

lnwage

4.273***

16.870***

2.900

11.266

3.465***

16.123***

(1.104)

(5.977)

(2.325)

(10.900)

(1.149)

(5.124)

lnpop

1.069

−3.217

5.883

28.378**

0.456

−4.389

(2.082)

(10.280)

(3.659)

(11.400)

(1.836)

(9.692)

lngdp

0.326

6.534**

−0.199

−0.562

0.011

2.255

(0.629)

(2.677)

(0.912)

(2.907)

(0.515)

(2.167)

Observation

918

918

1377

1377

153

153

adj. R²

0.579

0.419

0.594

0.442

0.251

0.146

Provincial fixed effects

Yes

Yes

Yes

Yes

Yes

Yes

Industry fixed effects

Yes

Yes

Yes

Yes

Yes

Yes

Year fixed effects

Yes

Yes

Yes

Yes

Yes

Yes

Explained variables

lnnumber

lnvc

lnnumber

lnvc

lnnumber

lnvc

Agriculture

Healthcare industry

Smart hardware industry

(1)

(2)

(3)

(4)

(5)

(6)

EPU

0.804

5.928

−0.724

−0.649

−0.184

−2.970

(0.678)

(6.178)

(1.586)

(6.166)

(1.435)

(7.284)

lnedu

−0.605

−6.878

0.145

−3.261

−0.110

−4.059

(0.846)

(5.113)

(0.683)

(5.415)

(0.716)

(2.763)

lnwage

4.145

18.299

−0.510

−0.070

2.703

7.221

(3.704)

(14.101)

(1.581)

(13.296)

(1.920)

(8.852)

lnpop

−2.621

−18.212**

−1.840

−0.314

5.352

12.670

(2.136)

(6.841)

(1.980)

(13.653)

(3.360)

(12.043)

lngdp

0.285

0.586

0.215

1.810

0.056

5.197

(1.135)

(5.063)

(0.818)

(6.049)

(0.785)

(3.375)

Observation

153

153

153

153

153

153

adj. R²

0.521

0.363

0.662

0.376

0.657

0.356

Provincial fixed effects

Yes

Yes

Yes

Yes

Yes

Yes

Industry fixed effects

Yes

Yes

Yes

Yes

Yes

Yes

Year fixed effects

Yes

Yes

Yes

Yes

Yes

Yes