Can Highway Networks Promote Productivity? Evidence from China

Table 11

Robust check of market potential approach.

Variables	(1)	(2)	(3)
	TFP	TFP	TFP
MP_theta	0.8423	1.6341	1.3530
	(11.4612)	(21.5589)	(18.1847)
Age		0.0654	0.0655
		(36.8977)	(37.0405)
Scale		0.2290	0.2273
		(169.3937)	(168.0534)
Export		0.0088	0.0085
		(3.4553)	(3.3286)
Own state		−0.1011	−0.0963
		(−15.0437)	(−14.3445)
GDP			0.1866
			(27.6095)
R&D			0.0232
			(17.0688)
POP			0.0094
			(9.2135)
FDI			0.0211
			(17.4596)
Railway			−0.0536
			(−10.5306)
Constant	−6.5007	−17.6670	−15.9537
	(−7.8165)	(−20.5650)	(−18.9640)
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.