Can Highway Networks Promote Productivity? Evidence from China

Table 10

Result of mechanism test.

Variables	(1)	(2)	(3)
	TFP	TFP	TFP
MP	0.9050	1.6850	1.3868
	(11.9135)	(21.4577)	(18.0265)
Age		0.0652	0.0653
		(36.7873)	(36.9519)
Scale		0.2289	0.2272
		(169.3974)	(168.0588)
Export		0.0088	0.0085
		(3.4622)	(3.3351)
Own state		−0.1018	−0.0969
		(−15.1585)	(−14.4403)
GDP			0.1864
			(27.5666)
R&D			0.0230
			(16.9750)
POP			0.0095
			(9.2769)
FDI			0.0212
			(17.5878)
Railway			−0.0535
			(−10.4990)
Constant	−7.2086	−18.2402	−16.3346
	(−8.3872)	(−20.4995)	(−18.7874)
Firm fixed effect	Yes	Yes	Yes
Time fixed effect	Yes	Yes	Yes
N	3,027,046	3,027,046	3,027,046
R-squared	0.0469	0.0916	0.0934

Note. Standard errors are stated in parentheses below point estimates. 1%, 5%, and 10% significance levels.