Table 2 Baseline regression result

lnLQ_MAN

0.046**

0.042*

(2.12)

(1.84)

lnLQ_PS8

0.058

0.079

(0.83)

(1.18)

lnCOAG

0.148*

0.151*

(1.94)

(1.94)

lnPopDensity

− 0.009

− 0.008

− 0.009

(− 1.06)

(− 1.00)

(− 1.02)

lnTaddSadd

− 0.062***

− 0.074***

− 0.065***

(− 2.72)

(− 3.75)

(− 2.94)

lnRegulation

0.720***

0.731***

0.729***

(6.24)

(6.33)

(6.32)

lnSciEdu

− 0.045**

− 0.047***

− 0.044**

(− 2.58)

(− 2.64)

(− 2.54)

lnuF

− 0.004

− 0.004

− 0.004

(− 1.00)

(− 1.06)

(− 1.01)

Constant

0.078***

1.130***

0.070***

1.132***

− 0.073

0.989***

(4.25)

(6.28)

(3.96)

(6.33)

(− 0.86)

(5.07)

Observations

3934

3934

3934

3934

3934

3934

R-squared

0.391

0.398

0.390

0.399

0.392

0.399

City FE

Yes

Yes

Yes

Yes

Yes

Yes

Time FE

Yes

Yes

Yes

Yes

Yes

Yes

Number of cities

281

281

281

281

281

281