
+--------------------------------+------------+------------+------------+------------+------------+------------+
|                                | (1)        | (2)        | (3)        | (4)        | (5)        | (6)        |
+================================+============+============+============+============+============+============+
| Peer TFP                       | 0.680      |            |            | 0.461      | 0.451      | 0.460      |
+--------------------------------+------------+------------+------------+------------+------------+------------+
|                                | [0.049]*** |            |            | [0.077]*** | [0.077]*** | [0.077]*** |
+--------------------------------+------------+------------+------------+------------+------------+------------+
| Urbanization                   |            | 0.039      |            | 0.004      | -0.023     | 0.005      |
+--------------------------------+------------+------------+------------+------------+------------+------------+
|                                |            | [0.004]*** |            | [0.006]    | [0.015]    | [0.007]    |
+--------------------------------+------------+------------+------------+------------+------------+------------+
| Quadratic term of Urbanization |            |            |            |            | 0.002      |            |
+--------------------------------+------------+------------+------------+------------+------------+------------+
|                                |            |            |            |            | [0.001]*   |            |
+--------------------------------+------------+------------+------------+------------+------------+------------+
| Localization                   |            |            | 0.041      | 0.015      | 0.023      | 0.017      |
+--------------------------------+------------+------------+------------+------------+------------+------------+
|                                |            |            | [0.003]*** | [0.007]**  | [0.010]**  | [0.008]*   |
+--------------------------------+------------+------------+------------+------------+------------+------------+
| Quadratic term of Localization |            |            |            |            | -0.001     | -0.000     |
+--------------------------------+------------+------------+------------+------------+------------+------------+
|                                |            |            |            |            | [0.001]    | [0.001]    |
+--------------------------------+------------+------------+------------+------------+------------+------------+
| Num.Obs.                       | 17493      | 17525      | 17525      | 17493      | 17493      | 17493      |
+--------------------------------+------------+------------+------------+------------+------------+------------+
| R2                             | 0.109      | 0.105      | 0.106      | 0.112      | 0.112      | 0.112      |
+--------------------------------+------------+------------+------------+------------+------------+------------+
| R2 Adj.                        | 0.108      | 0.104      | 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 A4: Robustness check: Urbanization and Localization as Distance-based Metrics
