Can Highway Networks Promote Productivity? Evidence from China

Table 5

Result of baseline regressions.

	(1)	(2)	(3)
	TFP	TFP	TFP
Traveltime	−0.3014	−0.3344	−0.2018
	(−15.6027)	(−17.9077)	(−10.7397)
Age		0.0654	0.0653
		(36.8537)	(36.9506)
Scale		0.2278	0.2264
		(168.9943)	(167.7992)
Export		0.0101	0.0095
		(3.9584)	(3.7152)
Own state		−0.1034	−0.0985
		(−15.3840)	(−14.6627)
GDP			0.1921
			(28.3932)
R&D			0.0223
			(16.4775)
POP			0.0085
			(8.3017)
FDI			0.0216
			(17.9286)
Railway			−0.0538
			(−10.5808)
Constant	5.8450	3.9560	1.2244
	(32.4057)	(22.6839)	(6.4738)
Firm fixed effect	Yes	Yes	Yes
Time fixed effect	Yes	Yes	Yes
N	3,027,046	3,027,046	3,027,046
R-squared	0.0470	0.0914	0.0932

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