
+--------------------------------+------------+------------+-----------+-----------+
|                                | (1)        | (2)        | (3)       | (4)       |
+================================+============+============+===========+===========+
| Peer TFP                       | 0.482      | 0.214      | 0.424     | 0.685     |
+--------------------------------+------------+------------+-----------+-----------+
|                                | [0.090]*** | [0.082]**  | [0.148]** | [0.304]** |
+--------------------------------+------------+------------+-----------+-----------+
| Urbanization                   | 0.020      | 0.052      | 0.018     | -0.017    |
+--------------------------------+------------+------------+-----------+-----------+
|                                | [0.010]*   | [0.015]*** | [0.055]   | [0.020]   |
+--------------------------------+------------+------------+-----------+-----------+
| Localization                   | 0.044      | 0.040      | 0.012     | -0.009    |
+--------------------------------+------------+------------+-----------+-----------+
|                                | [0.018]**  | [0.083]    | [0.101]   | [0.027]   |
+--------------------------------+------------+------------+-----------+-----------+
| Quadratic term of Localization | -0.002     | -0.003     | -0.002    |           |
+--------------------------------+------------+------------+-----------+-----------+
|                                | [0.001]    | [0.006]    | [0.008]   |           |
+--------------------------------+------------+------------+-----------+-----------+
| Num.Obs.                       | 12782      | 2392       | 1517      | 802       |
+--------------------------------+------------+------------+-----------+-----------+
| R2                             | 0.126      | 0.123      | 0.085     | 0.133     |
+--------------------------------+------------+------------+-----------+-----------+
| R2 Adj.                        | 0.124      | 0.111      | 0.065     | 0.098     |
+================================+============+============+===========+===========+
| (1) Micro (1-9), (2) Small (10-19), (3) Medium (20-49), (4) Large (50+)          |
+================================+============+============+===========+===========+
Table: Table 2: Fixed-Effects Estimation of Agglomeration Impacts on Firm Productivity by firm size
