Table 6 Housing prices and innovation: the results of the second stage regression of instrumental variables.
(1) | (2) | (3) | |
|---|---|---|---|
Entire Country | Eastern Region | Midwestern Region | |
\({Inn\_efficiency}\) | \({Inn\_efficiency}\) | \({Inn\_efficiency}\) | |
\({Hou\_price}\) | −0.0757*** (0.0184) | −0.0924*** (0.0190) | −0.0160** (0.0066) |
\({Per\_gdp}\) | 0.0047 (0.0098) | −0.0112 (0.0111) | −0.0755** (0.0349) |
\({Hum\_capital}\) | 0.0275*** (0.0064) | −0.0040 (0.0135) | 0.0120 (0.0090) |
\({Ind}{\_structure}\) | −0.0402*** (0.0094) | −0.0123 (0.0155) | −0.0187 (0.0200) |
\({Imp\_}{volume}\) | −0.0130*** (0.0030) | −0.0187*** (0.0044) | 0.0083 (0.0053) |
\(Ex{p\_}{volume}\) | −0.0164*** (0.0031) | −0.0133*** (0.0043) | −0.0225*** (0.0068) |
\({Tax\_revenue}\) | 0.0311*** (0.0048) | 0.0464*** (0.0085) | 0.0125* (0.0072) |
\({Constant}\) | −0.6909*** (0.0417) | −0.7805*** (0.0622) | −1.0739*** (0.1479) |
Province and Region Fixed Effects | control | control | control |
Year Fixed Effect | control | control | control |
Number of obs | 465 | 165 | 300 |
R2 | 0.7739 | 0.8533 | 0.5980 |
