Explained variables

lnnumber

lnvc

Exit

lnnumber

lnvc

(1)

(2)

(3)

(4)

(5)

EPU

−1.149***

−3.534**

0.169***

−0.941***

−3.378**

(0.302)

(1.495)

(0.054)

(0.316)

(1.547)

Exit

−0.744***

−2.735**

(0.176)

(1.100)

lnedu

0.160

0.753

−0.073*

0.211

−1.364

(0.155)

(0.726)

(0.044)

(0.242)

(1.060)

lnwage

0.888**

4.496**

0.475***

3.407***

12.926***

(0.353)

(1.807)

(0.113)

(0.670)

(3.284)

lnpop

1.840**

6.716**

0.395*

1.166

0.517

(0.851)

(3.393)

(0.205)

(1.093)

(5.570)

lngdp

0.044

0.365

0.301***

−0.006

2.914**

(0.169)

(0.833)

(0.046)

(0.301)

(1.431)

Observation

2907

2907

2868

2868

2868

adj. R²

0.574

0.396

0.079

0.577

0.395

Provincial fixed effects

Yes

Yes

Yes

Yes

Yes

Industry fixed effects

Yes

Yes

Yes

Yes

Yes

Year fixed effects

Yes

Yes

Yes

Yes

Yes