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Table 9. 
Firm-Level Outcomes Using Different Propensity Score Matching Methods
Incumbent FirmsKernelLocal Linear Regression5-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 FirmsKernelLocal Linear Regression5-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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