Table 5 House prices and innovation: first-stage regression results of instrumental variables.
(1) | (2) | (3) | |
|---|---|---|---|
Entire Country | Eastern Region | Midwestern Region | |
\({Hou\_price}\) | \({Hou\_price}\) | \({Hou\_price}\) | |
\({Land\_supply}\) | −0.1300*** (0.0165) | −0.1476*** (0.0278) | −0.0792*** (0.0207) |
\({Per\_gdp}\) | 0.4530*** (0.0247) | 0.4066*** (0.0443) | 0.4938*** (0.0322) |
\({Hum\_capital}\) | −0.0959*** (0.0333) | −0.2626*** (0.0567) | −0.0132 (0.0408) |
\({Ind}{\_structure}\) | −0.3408*** (0.0338) | −0.3782*** (0.0732) | −0.2426*** (0.0374) |
\({Imp\_}{volume}\) | 0.0532*** (0.0148) | −0.0143 (0.0296) | −0.0156 (0.0188) |
\(Ex{p\_}{volume}\) | 0.0356** (0.0165) | 0.0417 (0.0319) | 0.0688*** (0.0212) |
\({Tax\_revenue}\) | 0.1349*** (0.0234) | 0.2504*** (0.0446) | 0.0918*** (0.0267) |
\(C{onstant}\) | 2.3112*** (0.1647) | 2.7945*** (0.4009) | 2.1365*** (0.1676) |
Province and Region Fixed Effects | control | control | control |
Year Fixed Effect | control | control | control |
Number of obs | 465 | 165 | 300 |
R2 | 0.9092 | 0.9288 | 0.8513 |
One Stage F Value | 772.74 | 391.20 | 320.00 |
