Table 9 Regression results of four urban agglomerations.
Variable | Beijing tianjin hebei | Changjiang delta | Pearl river delta | Chengdu chongqing |
|---|---|---|---|---|
D | 0.464** | 0.410*** | 0.483*** | 1.130*** |
(2.12) | (3.88) | (2.85) | (3.84) | |
Size | 0.0677 | 0.0691** | 0.0843 | 0.172 |
(1.28) | (2.16) | (1.32) | (1.51) | |
Age | 0.941** | 0.726*** | 0.699** | − 0.879 |
(2.10) | (3.17) | (2.22) | (− 1.39) | |
Lev | 0.000651 | 0.00121 | 0.00160 | 0.00687 |
(0.26) | (0.86) | (0.90) | (1.49) | |
Sub | 0.0297 | 0.00273 | − 0.000995 | − 0.0761* |
(0.92) | (0.20) | (− 0.04) | (− 1.88) | |
Growth | − 0.00554 | 0.00170 | − 0.0109 | − 0.00404 |
(− 0.59) | (0.26) | (− 1.06) | (− 0.35) | |
Roa | − 0.594 | 0.120 | − 0.287 | 0.521 |
(− 1.21) | (0.55) | (− 1.07) | (0.76) | |
Cashflow | − 0.0580 | − 0.00331 | 0.0107 | − 0.300** |
(− 0.44) | (− 0.07) | (0.13) | (− 2.39) | |
_ cons | − 0.852 | 0.430 | 0.598 | 4.402** |
(− 0.72) | (0.66) | (0.49) | (2.40) | |
Industry | Yes | Yes | Yes | Yes |
Urban | Yes | Yes | Yes | Yes |
Individual | Yes | Yes | Yes | Yes |
Year | Yes | Yes | Yes | Yes |
N | 2016 | 4800 | 2096 | 832 |
r2 | 0.322 | 0.281 | 0.303 | 0.198 |
