
+--------------------------------+------------+------------+------------+------------+------------+------------+
|                                | (1)        | (2)        | (3)        | (4)        | (5)        | (6)        |
+================================+============+============+============+============+============+============+
| Peer TFP                       | 0.680      |            |            | 0.465      | 0.453      | 0.453      |
+--------------------------------+------------+------------+------------+------------+------------+------------+
|                                | [0.049]*** |            |            | [0.083]*** | [0.086]*** | [0.086]*** |
+--------------------------------+------------+------------+------------+------------+------------+------------+
| Urbanization                   |            | 0.059      |            | 0.015      | 0.034      | 0.022      |
+--------------------------------+------------+------------+------------+------------+------------+------------+
|                                |            | [0.006]*** |            | [0.007]**  | [0.040]    | [0.009]**  |
+--------------------------------+------------+------------+------------+------------+------------+------------+
| Quadratic term of Urbanization |            |            |            |            | -0.001     |            |
+--------------------------------+------------+------------+------------+------------+------------+------------+
|                                |            |            |            |            | [0.002]    |            |
+--------------------------------+------------+------------+------------+------------+------------+------------+
| Localization                   |            |            | 0.059      | 0.014      | 0.039      | 0.040      |
+--------------------------------+------------+------------+------------+------------+------------+------------+
|                                |            |            | [0.005]*** | [0.006]**  | [0.013]*** | [0.013]*** |
+--------------------------------+------------+------------+------------+------------+------------+------------+
| Quadratic term of Localization |            |            |            |            | -0.002     | -0.002     |
+--------------------------------+------------+------------+------------+------------+------------+------------+
|                                |            |            |            |            | [0.001]*   | [0.001]**  |
+--------------------------------+------------+------------+------------+------------+------------+------------+
| Num.Obs.                       | 17493      | 17525      | 17525      | 17493      | 17493      | 17493      |
+--------------------------------+------------+------------+------------+------------+------------+------------+
| R2                             | 0.109      | 0.105      | 0.105      | 0.112      | 0.112      | 0.112      |
+--------------------------------+------------+------------+------------+------------+------------+------------+
| R2 Adj.                        | 0.108      | 0.103      | 0.104      | 0.110      | 0.110      | 0.110      |
+================================+============+============+============+============+============+============+
| Notes: Each regression includes fixed effects for 17 sectors, firm age groups, ownership types, legal        |
| forms, R&D investment, and technology adoption (E-barimt). Standard errors, clustered at the sector level,   |
| are reported in brackets. *** Significant at the 1% level, ** Significant at the 5% level, * Significant at  |
| the 10% level.                                                                                               |
+================================+============+============+============+============+============+============+
Table: Table 3: Estimation of Agglomeration Impacts on Firm Productivity
