Table 3a. Estimation results.
(1) |
(2) |
(3) |
(4) |
(5) |
(6) | |
Constant |
0.0280 (0.0613) |
- 0.0175 |
0.0372 |
0.0684 |
0.0382 |
0.0801 (0.0568) |
Number of bosses |
0.5774*** |
0.3239 (0.2049) |
0.5606** |
0.4589** (0.2214) |
0.2632 |
0.4664* (0.2401) |
Average boss |
0.4252 (0.4278) |
0.2998 (0.3318) |
0.3848 |
0.4752 (0.4368) |
0.2223 (0.2951) |
0.4558 |
Retail sales |
- 1.4120*** (0.4587) |
- 0.4808 |
- 1.4476*** |
- 1.3328*** |
- 0.5925* |
- 1.4012*** |
New housing |
- 0.0143 |
0.0278 (0.0559) |
0.0056 |
- 0.0117 |
- 0.0105 (0.0569) |
- 0.0001 (0.1140) |
Physicians per |
- 1.1415** |
- 0.4954 |
- 1.0911* |
- 0.8666 (0.5452) |
- 0.6055** |
- 0.8351 (0.5678) |
Students |
- 0.6093** (0.2865) |
- 0.4236** (0.1835) |
- 0.5329* |
- 0.6835** |
- 0.5730*** |
- 0.6104** (0.3033) |
Investment |
0.0888* (0.0484) |
0.0682* (0.0409) |
0.0788 |
0.3629** (0.1483) |
0.2621*** |
0.3469** (0.1564) |
Labor force |
2.6532*** |
1.7546*** |
2.4696*** |
2.5069*** |
1.7100*** |
2.2844*** |
Labor force, |
0.1950 (0.7277) |
0.2019 (0.4503) |
0.0554 (0.7985) |
0.0623 |
0.2027 (0.4077) |
0.2609 (0.7885) |
R2 |
0.283 |
0.237 |
0.285 |
0.303 |
0.267 |
0.305 |
Notes:
1) Standard errors in parentheses.
2) Error term specifications: (1-2), (4-5) - cross-sectional heteroskedasticity; (2), (5) - cross-sectional
correlation; (3), (6) - random effects..
3) Investment: (1-3) - log (I/L ); (4-6) - ∆ ln(I/ Y).
4) Significance: * - 10%, ** - 5%, *** - 1%.
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