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Table 7. 
Descriptive Statistics of Mean Aggregate Firm-Level Outcomes
All FirmsFirms in CitiesFirms in Countiest-test
Firm-Level Outcome     
Log main operating revenues 9.462 9.866 9.380 0.487*** 
Log main operating cost 9.228 9.649 9.142 0.507*** 
Log main operating profit 7.330 7.624 7.270 0.355*** 
Log number of employees 5.153 5.300 5.123 0.177*** 
Log labor vocational 2.502 2.439 2.514 −0.075 
Log wage per employee 8.792 8.871 8.776 0.095*** 
Log paid-in capital 8.349 8.425 8.334 0.091*** 
Log export output value 9.489 9.613 9.456 0.157*** 
All FirmsFirms in CitiesFirms in Countiest-test
Firm-Level Outcome     
Log main operating revenues 9.462 9.866 9.380 0.487*** 
Log main operating cost 9.228 9.649 9.142 0.507*** 
Log main operating profit 7.330 7.624 7.270 0.355*** 
Log number of employees 5.153 5.300 5.123 0.177*** 
Log labor vocational 2.502 2.439 2.514 −0.075 
Log wage per employee 8.792 8.871 8.776 0.095*** 
Log paid-in capital 8.349 8.425 8.334 0.091*** 
Log export output value 9.489 9.613 9.456 0.157*** 

Note: ***, **, and * denote significance at the 1%, 5%, and 10% level, respectively.

Source: Authors’ calculations.

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