Frontiers of Business Research in China

Table 4 Basic regression

From: Industrial policy, structural transformation and economic growth: evidence from China

Independent variable	Dependent variable: Y
Independent variable	(1)	(2)	(3)	(4)
IP	0.0563^**	0.0414^*	0.0426^*	0.0370^*
IP	(0.0232)	(0.0226)	(0.0227)	(0.0193)
Capital		−0.1506^***	−0.1508^***	−0.1350^***
Capital		(0.0333)	(0.0341)	(0.0287)
Popu		−0.0622^*	− 0.0622^*	− 0.0565^*
Popu		(0.0360)	(0.0361)	(0.0336)
Info			−0.0106	− 0.0072
Info			(0.0160)	(0.0135)
Trans			8.4185	0.1167
Trans			(19.3317)	(18.1706)
Labor			−0.0046	−0.0093^**
Labor			(0.0048)	(0.0040)
Open				−0.0280
Open				(0.0449)
Govern				−0.0174^***
Govern				(0.0041)
Constant	0.6595^***	1.5928^***	1.6366^***	1.8242^***
Constant	(0.0340)	(0.2552)	(0.2632)	(0.2462)
Year_FE	Yes	Yes	Yes	Yes
City_FE	Yes	Yes	Yes	Yes
N	2991	2970	2926	2662
Adj.R²	0.787	0.797	0.796	0.836

Notes. (1) * means P < 10%, * * means P < 5%, * * * means P < 1%; (2) The estimated coefficients in parentheses are the robust standard errors clustering to the city level

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