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Table 16. 
Firm-Level Outcomes of City Upgrading Using Propensity Score Matching for New Firms
New Firms(1)(2)(3)
Firm-Level Outcome    
Log main operating revenue 0.297 0.344* 0.344* 
Log main operating cost 0.378* 0.423** 0.427** 
Log main operating profit 0.0845 0.294 0.322 
Log number of employees 0.113 0.154 0.140 
Log wage per employee −0.0004 −0.0564 −0.0572 
Log paid-in capital −0.111 −0.0189 −0.0180 
Controls Block FE Block FE Block FE 
  Industry FE Industry × Year FE 
  Year FE  
New Firms(1)(2)(3)
Firm-Level Outcome    
Log main operating revenue 0.297 0.344* 0.344* 
Log main operating cost 0.378* 0.423** 0.427** 
Log main operating profit 0.0845 0.294 0.322 
Log number of employees 0.113 0.154 0.140 
Log wage per employee −0.0004 −0.0564 −0.0572 
Log paid-in capital −0.111 −0.0189 −0.0180 
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. There are not enough observations for new firms’ vocational labor data and export value data. To avoid using an underrepresentative sample and generalizing results from comparing between new firms located in only a few cities and counties, we do not report the results of these two firm-level outcomes.

3. Analysis is restricted to new firms opened after 1997, which is after the upgrading was finished.

Source: Authors’ calculations.

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