Variables

Pearl River Delta

Yuedong

Yuexi

Yuebei

lntaxrate

0.500***

(0.077)

2.343***

(0.568)

0.423**

(0.201)

0.622

(0.378)

curassrate1

0.243***

(0.019)

0.246***

(0.042)

0.110

(0.069)

0.201***

(0.044)

per_output1

0.214***

(0.011)

0.017

(0.031)

0.089*

(0.049)

0.049

(0.043)

idebtrate1

0.025***

(0.008)

0.071***

(0.020)

0.049

(0.031)

−0.019

(0.035)

longidebt1

0.285***

(0.098)

0.250

(0.263)

−0.288

(0.243)

−0.581***

(0.169)

age

0.023***

(0.002)

0.004

(0.003)

0.012**

(0.005)

0.013***

(0.004)

kldensity1

0.143***

(0.008)

0.077***

(0.027)

0.134***

(0.032)

0.175***

(0.029)

constant

−0.041

(1.261)

5.885***

(0.234)

−2.080***

(0.494)

−0.687**

(0.305)

year dummies

YES

YES

YES

YES

city dummies

YES

YES

YES

YES

industry dummies

YES

YES

YES

YES

observation

45695

5910

2440

2256