Table 5 Heterogeneity test

lnGIPC

0.075***

0.047***

0.041***

0.052***

(3.97)

(3.60)

(2.92)

(3.22)

lnED

0.026

− 0.007

0.011*

0.002

(1.47)

(− 0.84)

(1.67)

(0.17)

lnHC

− 0.123

6.554

− 4.566

1.108

(− 0.12)

(0.72)

(− 1.50)

(0.64)

lnIS

0.322***

0.229***

0.141**

0.263**

(2.79)

(2.83)

(2.08)

(2.26)

lnPS

0.039

0.160*

0.110

0.078

(0.97)

(1.76)

(1.41)

(1.35)

lnCS

− 0.294**

− 0.079

− 0.050

− 0.249**

(− 2.57)

(− 1.10)

(− 0.73)

(− 2.55)

lnFC

− 0.012

0.015

0.021

0.002

(− 0.90)

(1.08)

(1.23)

(0.17)

Constant

7.531***

3.058**

2.968***

6.570***

(5.06)

(2.53)

(3.21)

(5.08)

Observations

1356

2076

1380

2052

R-squared

0.582

0.390

0.329

0.527

Number of citycode

113

173

115

171

City FE

Yes

Yes

Yes

Yes

Time FE

Yes

Yes

Yes

Yes