[Retracted] Land Price Distortion, Financial Development, and Regional Innovation

Table 5

Estimate results of system GMM method.

Dependent variable: lnppatents	SYS-GMM (1)	SYS-GMM (2)	SYS-GMM (3)
distort	0.0018		0.0022
	(0.001)		(0.001)
L.lnppatents	0.9099	0.9096	0.8681
	(0.066)	(0.087)	(0.065)
L.distort		0.0040	0.0034
		(0.001)	(0.001)
Controls	Yes	Yes	Yes
City	Yes	Yes	Yes
Year	Yes	Yes	Yes
Observations	3,017	2,733	2,733
Number of cities	287	287	287
AR1	0.000	0.000	0.000
AR2	0.324	0.369	0.365
Hansen P	0.402	0.783	0.961

Notes. Robust standard errors in parentheses; , , and represent the significance level of 10%, 5%, and 1%, respectively.