Table 4 Estimation results of the benchmark model.

Variables	\({W}_{01}\)	\({W}_{d}\)	\({W}_{e}\)	\({W}_{{de}}\)	\({W}_{a}\)	\({W}_{t}\)	\({W}_{{ind}}\)
\(\rho\)	0.380^***	0.689^***	0.352^***	0.649^***	0.467^***	0.707^***	0.701^***
\(\rho\)	(0.022)	(0.034)	(0.020)	(0.036)	(0.023)	(0.035)	(0.034)
\(\mathrm{ln}{FD}\)	0.175^***	0.177^***	0.192^***	0.198^***	0.183^***	0.181^***	0.173^***
\(\mathrm{ln}{FD}\)	(0.030)	(0.030)	(0.030)	(0.030)	(0.030)	(0.030)	(0.030)
\(\mathrm{ln}{ED}\)	0.586^***	0.244^***	0.568^***	0.321^***	0.450^***	0.216^***	0.233^***
\(\mathrm{ln}{ED}\)	(0.037)	(0.046)	(0.038)	(0.047)	(0.039)	(0.048)	(0.046)
\(\mathrm{ln}{CS}\)	0.111^***	0.091^***	0.129^***	0.091^***	0.133^***	0.095^***	0.093^***
\(\mathrm{ln}{CS}\)	(0.027)	(0.027)	(0.027)	(0.027)	(0.026)	(0.027)	(0.027)
\(\mathrm{ln}{IS}\)	0.087^**	0.091^***	0.123^***	0.087^**	0.105^***	0.090^**	0.093^***
\(\mathrm{ln}{IS}\)	(0.035)	(0.035)	(0.035)	(0.036)	(0.035)	(0.035)	(0.035)
\(\mathrm{ln}{FS}\)	0.044^**	0.038^*	0.051^**	0.042^*	0.036^*	0.041^*	0.039^*
\(\mathrm{ln}{FS}\)	(0.021)	(0.021)	(0.021)	(0.021)	(0.021)	(0.021)	(0.021)
promotion	0.006	0.004	0.006	0.005	0.005	0.004	0.004
promotion	(0.006)	(0.006)	(0.006)	(0.006)	(0.006)	(0.006)	(0.006)
City	YES	YES	YES	YES	YES	YES	YES
Year	YES	YES	YES	YES	YES	YES	YES
N	2580	2580	2580	2580	2580	2580	2580
\({R}^{2}\)	0.276	0.469	0.406	0.458	0.365	0.478	0.465
Log-likelihood	1079.687	1105.847	1080.164	1074.677	1111.521	1099.873	1108.628

^*, ^**, ^*** denote significant levels at 10%, 5%, and 1%, respectively. Robust standard errors are reported in parentheses. City and Year represents city fixed effects and year fixed effects, respectively.

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