Table 9.

Incumbent Firms . | Kernel . | Local Linear Regression . | 5-Nearest Neighbor . |
---|---|---|---|

Firm-Level Outcome | |||

Log main operating revenues | 0.116^{***} | 0.340 | 0.457^{***} |

Log main operating cost | 0.125^{***} | 0.378 | 0.552^{***} |

Log main operating profit | 0.052 | 0.162 | 0.077 |

Log number of employees | −0.027 | −0.096 | −0.308^{***} |

Log labor vocational | −0.108 | −0.114 | −0.206 |

Log wage per employee | −0.064^{***} | 0.085 | 0.206^{***} |

Log paid-in capital | −0.158^{***} | −0.214 | −0.452^{***} |

Log export output value | −0.062 | 0.206 | 0.359 |

Incumbent Firms . | Kernel . | Local Linear Regression . | 5-Nearest Neighbor . |
---|---|---|---|

Firm-Level Outcome | |||

Log main operating revenues | 0.116^{***} | 0.340 | 0.457^{***} |

Log main operating cost | 0.125^{***} | 0.378 | 0.552^{***} |

Log main operating profit | 0.052 | 0.162 | 0.077 |

Log number of employees | −0.027 | −0.096 | −0.308^{***} |

Log labor vocational | −0.108 | −0.114 | −0.206 |

Log wage per employee | −0.064^{***} | 0.085 | 0.206^{***} |

Log paid-in capital | −0.158^{***} | −0.214 | −0.452^{***} |

Log export output value | −0.062 | 0.206 | 0.359 |

Notes:

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

2. Average treatment on treated effects are reported; that is, upgraded cities and their counterfactual counties are compared to obtain the upgrading effects.

Source: Authors’ calculations.

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