VARIABLES

东部

hqe

中部

hqe

西部

hqe

dif

0.305^***

0.322^**

0.578^***

(4.88)

(3.69)

(7.66)

tax

−0.016

0.056

0.009

(−0.10)

(0.61)

(0.21)

gov

0.130^*

0.145^***

0.124^**

(2.36)

(6.86)

(4.20)

fd

−0.439^***

0.357^***

0.311^**

(−5.89)

(8.69)

(3.18)

Constant

−3.534^***

−1.675^***

−3.937^***

(−20.45)

(−5.51)

(−12.84)

Observations

55

40

55

Number of groups

11

8

11