To mitigate potential confounding factors, the study incorporates regional and industry fixed effects in the subsequent regression analysis (column 2). This accounts for the influence of industry characteristics and regional policies on the results, ensuring a more accurate assessment of the relationship between firms and regions.

将下面改写的学术、精炼一点Although this paper tries to select appropriate control variables to exclude the influence of other factors there may be other factors between firms and regions such as industry character

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