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Table 10. 
Firm-Level Outcomes of City Upgrading by Ownership Type Using Propensity Score Matching for Incumbents
Incumbent FirmsLog Main Operating RevenuesLog Main Operating CostLog Main Operating ProfitLog Number of EmployeesLog Labor VocationalLog Wage per EmployeeLog Export
City −0.0828 −0.0827 −0.118 −0.268*** −0.241** −0.0776 −0.160 
 (0.106) (0.106) (0.125) (0.0812) (0.0978) (0.0519) (0.233) 
SOE −0.911*** −0.908*** −0.573*** −0.0435 −0.00604 −0.293*** −0.630*** 
 (0.0720) (0.0730) (0.0740) (0.0559) (0.0713) (0.0326) (0.157) 
City × SOE 0.305** 0.304** 0.249 0.390*** 0.404*** 0.0584 0.332 
 (0.150) (0.151) (0.163) (0.102) (0.143) (0.0552) (0.368) 
Constant 11.10*** 10.64*** 9.303*** 6.038*** 2.724*** 8.623*** 9.259*** 
 (0.600) (0.576) (0.690) (0.256) (0.149) (0.563) (0.469) 
Observations 32,517 32,428 21,283 18,193 3,892 17,496 4,759 
R2 0.296 0.304 0.186 0.203 0.169 0.197 0.152 
Block FE Yes Yes Yes Yes Yes Yes Yes 
Industry × Yes Yes Yes Yes Yes Yes Yes 
Year FE 
Incumbent FirmsLog Main Operating RevenuesLog Main Operating CostLog Main Operating ProfitLog Number of EmployeesLog Labor VocationalLog Wage per EmployeeLog Export
City −0.0828 −0.0827 −0.118 −0.268*** −0.241** −0.0776 −0.160 
 (0.106) (0.106) (0.125) (0.0812) (0.0978) (0.0519) (0.233) 
SOE −0.911*** −0.908*** −0.573*** −0.0435 −0.00604 −0.293*** −0.630*** 
 (0.0720) (0.0730) (0.0740) (0.0559) (0.0713) (0.0326) (0.157) 
City × SOE 0.305** 0.304** 0.249 0.390*** 0.404*** 0.0584 0.332 
 (0.150) (0.151) (0.163) (0.102) (0.143) (0.0552) (0.368) 
Constant 11.10*** 10.64*** 9.303*** 6.038*** 2.724*** 8.623*** 9.259*** 
 (0.600) (0.576) (0.690) (0.256) (0.149) (0.563) (0.469) 
Observations 32,517 32,428 21,283 18,193 3,892 17,496 4,759 
R2 0.296 0.304 0.186 0.203 0.169 0.197 0.152 
Block FE Yes Yes Yes Yes Yes Yes Yes 
Industry × Yes Yes Yes Yes Yes Yes Yes 
Year FE 

FE = fixed effects, SOE = state-owned enterprise.

Notes:

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

2. Standard errors are in parentheses and clustered at the county level.

3. Analysis is restricted to firms opened before 1997.

4. Vocational labor data are only available in 2004.

Sources: Authors’ calculations.

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