Table 7 Housing prices and innovation: the results of the second stage regression of instrumental variables after replacing the explained variables.
(1) | (2) | (3) | |
|---|---|---|---|
Entire Country | Eastern Region | Midwestern Region | |
\({Inn\_efficiency}\) | \({Inn\_efficiency}\) | \({Inn\_efficiency}\) | |
\({Hou\_price}\) | −0.2622** (0.1178) | −0.3290** (0.1714) | −0.2563* (0.2089) |
\({Per\_gdp}\) | −0.2021*** (0.0605) | 0.0585 (0.0900) | 0.1483 (0.1059) |
\({Hum\_capital}\) | 0.0215 (0.0380) | −0.0779 (0.0996) | 0.1968*** (0.0310) |
\({Ind}{\_structure}\) | 0.0640 (0.0619) | −0.2359** (0.1199) | 0.0137 (0.0604) |
\({Imp\_}{volume}\) | 0.0972*** (0.0162) | 0.2818*** (0.0317) | −0.0253** (0.0132) |
\(Ex{p\_}{volume}\) | 0.1027*** (0.0127) | 0.0727** (0.0323) | 0.0675*** (0.0209) |
\({Tax\_revenue}\) | −0.0922*** (0.0243) | −0.0840* (0.0586) | −0.0522*** (0.0205) |
\({Constant}\) | 1.6721*** (0.2878) | 2.3289*** (0.5001) | 3.2025*** (0.4836) |
Province and Region Fixed Effects | control | control | control |
Year Fixed Effect | control | control | control |
Number of obs | 465 | 165 | 300 |
R2 | 0.7092 | 0.7338 | 0.5215 |
