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Table 8. 
Firm-Level Outcomes of City Upgrading Using Propensity Score Matching for Incumbents
Incumbent Firms(1)(2)(3)
Firm-Level Outcome    
Log main operating revenues 0.1260 0.1090 0.1090 
Log main operating cost 0.1270 0.1080 0.1080 
Log main operating profit 0.0673 0.0275 0.0275 
Log number of employees −0.0195 −0.0859 −0.0859 
Log labor vocational −0.0780 −0.0531 −0.0531 
Log wage per employee −0.0528 −0.0409 −0.0395 
Log paid-in capital −0.1160 −0.1170 −0.1170 
Log export output value −0.1020 −0.1180 −0.1260 
Controls Block FE Block FE Block FE 
  Industry FE Industry × Year FE 
  Year FE  
Incumbent Firms(1)(2)(3)
Firm-Level Outcome    
Log main operating revenues 0.1260 0.1090 0.1090 
Log main operating cost 0.1270 0.1080 0.1080 
Log main operating profit 0.0673 0.0275 0.0275 
Log number of employees −0.0195 −0.0859 −0.0859 
Log labor vocational −0.0780 −0.0531 −0.0531 
Log wage per employee −0.0528 −0.0409 −0.0395 
Log paid-in capital −0.1160 −0.1170 −0.1170 
Log export output value −0.1020 −0.1180 −0.1260 
Controls Block FE Block FE Block FE 
  Industry FE Industry × Year FE 
  Year FE  

FE = fixed effects.

Notes:

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

2. The firm-level results after propensity score matching control for block fixed effects where samples are stratified and compared against each other in each block.

3. Analysis is restricted to firms opened before 1997.

4. Vocational labor data are only available in 2004.

Source: Authors’ calculations.

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