Table 13 Channel - Jinshi density effects on firms’ source of paid-in capital.

	(1)	(2)	(3)	(4)	(5)	(6)
Dependent Variable:	ln (national capital)	ln (collective capital)	ln (corporate capital)	ln (personal capital)	ln (HK, Macon, and TW capital)	ln (foreign capital)
Panel A: OLS
Jinshi density in Ming-Qing(logged)	0.028*** (0.006)	0.001 (0.026)	0.127*** (0.040)	−0.118** (0.053)	0.069* (0.038)	0.099*** (0.032)
R2	0.260	0.084	0.038	0.114	0.110	0.055
Panel B: 2SLS
Jinshi density in Ming-Qing(logged)	0.078** (0.034)	0.044*** (0.012)	0.100*** (0.021)	−0.302*** (0.078)	0.277** (0.116)	0.159*** (0.057)
Observations	250,176	250,176	250,176	250,176	250,176	250,176
KP-F statistics	260.957	260.957	260.957	260.957	260.957	260.957
Cluster	County	County	County	County	County	County
Controls	Yes	Yes	Yes	Yes	Yes	Yes
Provincial fixed effects	Yes	Yes	Yes	Yes	Yes	Yes
Industrial fixed effects	Yes	Yes	Yes	Yes	Yes	Yes

Each Column in each Panel represents a separate cross-sectional regression, with the endogeneity issue corrected. In Column (1), the results of the Jinshi density effects on the national capital are displayed. In contrast, effects on collective capital are presented in Column (2), effects on corporate capital are presented in Column (3), effects on personal capital are presented in Column (4), and effects on HK, Macao, and Taiwan capital are presented in Column (5). Effects on foreign capital are presented in Column (6). Covariates include rainfall and air pollution, nightlight in 2004, population density in Ming-Qing, the urbanization rate, the distance to the coast, agricultural sustainability, and terrain ruggedness. All OLS regressions are clustered at the firm level. These estimated Jinshi density effects can be interpreted as the percentage changes in wages per worker with a percent change in Jinshi density. The KP F-statistic provided in Panel B is the Kleibergen-Paap Wald rk F-statistic for weak identification in the first stage (Kleibergen and Paap, 2006). ***denotes significant at 1% level, **denotes significant at 5% level, *denotes significant at 10% level.

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