| . | New firms . | New foreign . | Share of . | Gross profits . | Net sales . |
|---|---|---|---|---|---|
| . | . | firms . | foreign firms . | per capita . | per capita . |
| Panel A: Instrumental variables estimates | |||||
| Refugees (×10,000) | 0.0098 | 0.1482*** | 0.0107*** | 77.7970*** | 790.0787*** |
| (0.0143) | (0.0402) | (0.0032) | (16.9487) | (131.7215) | |
| Panel B: Ordinary Least Squares | |||||
| Refugees (×10,000) | 0.0096*** | 0.0446*** | 0.0020** | 93.8231*** | 901.8617*** |
| (0.0022) | (0.0144) | (0.0008) | (33.2922) | (198.0958) | |
| Observations | 162 | 162 | 162 | 162 | 162 |
| Panel C: Instrumental variables regional | |||||
| Refugees (×10,000) | −0.0237 | 0.1506*** | 0.0115*** | 79.7056** | 575.1354*** |
| (0.0210) | (0.0530) | (0.0042) | (34.1529) | (187.6326) | |
| Observations | 58 | 58 | 58 | 58 | 58 |
| . | New firms . | New foreign . | Share of . | Gross profits . | Net sales . |
|---|---|---|---|---|---|
| . | . | firms . | foreign firms . | per capita . | per capita . |
| Panel A: Instrumental variables estimates | |||||
| Refugees (×10,000) | 0.0098 | 0.1482*** | 0.0107*** | 77.7970*** | 790.0787*** |
| (0.0143) | (0.0402) | (0.0032) | (16.9487) | (131.7215) | |
| Panel B: Ordinary Least Squares | |||||
| Refugees (×10,000) | 0.0096*** | 0.0446*** | 0.0020** | 93.8231*** | 901.8617*** |
| (0.0022) | (0.0144) | (0.0008) | (33.2922) | (198.0958) | |
| Observations | 162 | 162 | 162 | 162 | 162 |
| Panel C: Instrumental variables regional | |||||
| Refugees (×10,000) | −0.0237 | 0.1506*** | 0.0115*** | 79.7056** | 575.1354*** |
| (0.0210) | (0.0530) | (0.0042) | (34.1529) | (187.6326) | |
| Observations | 58 | 58 | 58 | 58 | 58 |
Source: Authors’ own analysis results from the data described in the text.
Note: All models include a year-specific log distance control, province, and year fixed effects. Robust standard errors are shown in parentheses. Data are from 2011 and 2014 for 81 provinces in panels A and B and 29 provinces in panel C. The refugee variable is the number of refugees in the province in 10,000s. The first-stage F-test for the instrument in IV regressions is 12.44. For the regional sample, the F-test is 6.45.
*p < .1 **p < .05 ***p < .01
| . | New firms . | New foreign . | Share of . | Gross profits . | Net sales . |
|---|---|---|---|---|---|
| . | . | firms . | foreign firms . | per capita . | per capita . |
| Panel A: Instrumental variables estimates | |||||
| Refugees (×10,000) | 0.0098 | 0.1482*** | 0.0107*** | 77.7970*** | 790.0787*** |
| (0.0143) | (0.0402) | (0.0032) | (16.9487) | (131.7215) | |
| Panel B: Ordinary Least Squares | |||||
| Refugees (×10,000) | 0.0096*** | 0.0446*** | 0.0020** | 93.8231*** | 901.8617*** |
| (0.0022) | (0.0144) | (0.0008) | (33.2922) | (198.0958) | |
| Observations | 162 | 162 | 162 | 162 | 162 |
| Panel C: Instrumental variables regional | |||||
| Refugees (×10,000) | −0.0237 | 0.1506*** | 0.0115*** | 79.7056** | 575.1354*** |
| (0.0210) | (0.0530) | (0.0042) | (34.1529) | (187.6326) | |
| Observations | 58 | 58 | 58 | 58 | 58 |
| . | New firms . | New foreign . | Share of . | Gross profits . | Net sales . |
|---|---|---|---|---|---|
| . | . | firms . | foreign firms . | per capita . | per capita . |
| Panel A: Instrumental variables estimates | |||||
| Refugees (×10,000) | 0.0098 | 0.1482*** | 0.0107*** | 77.7970*** | 790.0787*** |
| (0.0143) | (0.0402) | (0.0032) | (16.9487) | (131.7215) | |
| Panel B: Ordinary Least Squares | |||||
| Refugees (×10,000) | 0.0096*** | 0.0446*** | 0.0020** | 93.8231*** | 901.8617*** |
| (0.0022) | (0.0144) | (0.0008) | (33.2922) | (198.0958) | |
| Observations | 162 | 162 | 162 | 162 | 162 |
| Panel C: Instrumental variables regional | |||||
| Refugees (×10,000) | −0.0237 | 0.1506*** | 0.0115*** | 79.7056** | 575.1354*** |
| (0.0210) | (0.0530) | (0.0042) | (34.1529) | (187.6326) | |
| Observations | 58 | 58 | 58 | 58 | 58 |
Source: Authors’ own analysis results from the data described in the text.
Note: All models include a year-specific log distance control, province, and year fixed effects. Robust standard errors are shown in parentheses. Data are from 2011 and 2014 for 81 provinces in panels A and B and 29 provinces in panel C. The refugee variable is the number of refugees in the province in 10,000s. The first-stage F-test for the instrument in IV regressions is 12.44. For the regional sample, the F-test is 6.45.
*p < .1 **p < .05 ***p < .01
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