Table 5. GVC (one-way trader) and...

Table 5.

GVC (one-way trader) and innovation (2SLS)

	(1)	(2)	(3)	(4)	(5)	(6)	(7)
Variables	Innovation	Innovation	Innovation	Innovation	Innovation	Innovation	Innovation
GVC1	0.290*** (0.0688)	−0.0363 (0.152)	0.216*** (0.0726)	0.279* (0.166)	0.268*** (0.0827)	0.279*** (0.0699)	0.214** (0.107)
SIZE	−0.0252** (0.0111)	−0.0614*** (0.0175)	−0.0253** (0.0110)	−0.0234** (0.0109)	−0.0246** (0.0110)	−0.0265** (0.0110)	−0.0244** (0.0110)
LNAGE	−0.0222*** (0.00831)	−0.0230*** (0.00857)	−0.0177** (0.00844)	−0.0219*** (0.00823)	−0.0218*** (0.00828)	−0.0227*** (0.00832)	−0.0218*** (0.00818)
RD	0.0523*** (0.0179)	0.0529*** (0.0184)	−0.0106 (0.0291)	0.0512*** (0.0180)	0.0503*** (0.0182)	0.0559*** (0.0179)	0.0499*** (0.0178)
WEB	0.0184 (0.0173)	0.0151 (0.0179)	0.0240 (0.0174)	0.0205 (0.0300)	0.0181 (0.0172)	0.0189 (0.0173)	0.0172 (0.0170)
SKILL	−0.0203 (0.0283)	−0.0228 (0.0292)	−0.0105 (0.0284)	−0.0181 (0.0292)	−0.0177 (0.0287)	−0.0217 (0.0283)	−0.0178 (0.0281)
TRAIN	0.0587** (0.0271)	0.0522* (0.0279)	0.0263 (0.0296)	0.0642** (0.0267)	0.0396 (0.0441)	0.0579** (0.0271)	0.0649** (0.0278)
FDI	0.308*** (0.0709)	0.264*** (0.0746)	0.329*** (0.0711)	0.313*** (0.0704)	0.302*** (0.0708)	0.0824 (0.116)	0.312*** (0.0699)
FINANCE	0.000318 (0.00737)	−0.000724 (0.00761)	0.00755 (0.00781)	0.000587 (0.00730)	0.000940 (0.00743)	−0.00220 (0.00744)	0.00199 (0.00745)
FEMALE	0.00845 (0.0148)	0.00516 (0.0154)	0.0122 (0.0149)	0.00700 (0.0149)	0.00716 (0.0150)	0.00693 (0.0149)	0.00491 (0.0152)
LNEXPER	0.0245** (0.0106)	0.0227** (0.0110)	0.0215** (0.0107)	0.0253** (0.0105)	0.0242** (0.0106)	0.0256** (0.0107)	0.0251** (0.0105)
SIZE*GVC1		0.187*** (0.0721)
RD*GVC1			0.361*** (0.132)
WEB*GVC1				−0.0144 (0.167)
TRAIN*GVC1					0.0610 (0.118)
FDI*GVC1						0.459** (0.193)
MANUF*GVC1							0.0826 (0.0789)
CONSTANT	0.104** (0.0511)	0.176*** (0.0583)	0.0937* (0.0510)	0.0967* (0.0521)	0.104** (0.0506)	0.106** (0.0511)	0.0974* (0.0511)
INDUSTRY	Yes	Yes	Yes	Yes	Yes	Yes	Yes
REGION	Yes	Yes	Yes	Yes	Yes	Yes	Yes
OBSERVATIONS	1,078	1,078	1,078	1,078	1,078	1,078	1,078
Endogeneity test (P-value)	0.004	0.000	0.006	0.043	0.032	0.000	0.051
Sargan test (P-value)	0.6404	0.256	0.4257	0.540	0.775	0.796	0.365
Cragg-Donald Wald F statistic	29.831	18.068	18.017	11.857	12.475	17.551	11.751
Stock-Yogo weak ID at 5%	13.91	13.97	13.97	15.72	15.72	13.97	13.97
Stock-Yogo weak ID at 10%	9.08	8.78	8.78	9.48	9.48	8.78	8.78

	(1)	(2)	(3)	(4)	(5)	(6)	(7)
Variables	Innovation	Innovation	Innovation	Innovation	Innovation	Innovation	Innovation
GVC1	0.290*** (0.0688)	−0.0363 (0.152)	0.216*** (0.0726)	0.279* (0.166)	0.268*** (0.0827)	0.279*** (0.0699)	0.214** (0.107)
SIZE	−0.0252** (0.0111)	−0.0614*** (0.0175)	−0.0253** (0.0110)	−0.0234** (0.0109)	−0.0246** (0.0110)	−0.0265** (0.0110)	−0.0244** (0.0110)
LNAGE	−0.0222*** (0.00831)	−0.0230*** (0.00857)	−0.0177** (0.00844)	−0.0219*** (0.00823)	−0.0218*** (0.00828)	−0.0227*** (0.00832)	−0.0218*** (0.00818)
RD	0.0523*** (0.0179)	0.0529*** (0.0184)	−0.0106 (0.0291)	0.0512*** (0.0180)	0.0503*** (0.0182)	0.0559*** (0.0179)	0.0499*** (0.0178)
WEB	0.0184 (0.0173)	0.0151 (0.0179)	0.0240 (0.0174)	0.0205 (0.0300)	0.0181 (0.0172)	0.0189 (0.0173)	0.0172 (0.0170)
SKILL	−0.0203 (0.0283)	−0.0228 (0.0292)	−0.0105 (0.0284)	−0.0181 (0.0292)	−0.0177 (0.0287)	−0.0217 (0.0283)	−0.0178 (0.0281)
TRAIN	0.0587** (0.0271)	0.0522* (0.0279)	0.0263 (0.0296)	0.0642** (0.0267)	0.0396 (0.0441)	0.0579** (0.0271)	0.0649** (0.0278)
FDI	0.308*** (0.0709)	0.264*** (0.0746)	0.329*** (0.0711)	0.313*** (0.0704)	0.302*** (0.0708)	0.0824 (0.116)	0.312*** (0.0699)
FINANCE	0.000318 (0.00737)	−0.000724 (0.00761)	0.00755 (0.00781)	0.000587 (0.00730)	0.000940 (0.00743)	−0.00220 (0.00744)	0.00199 (0.00745)
FEMALE	0.00845 (0.0148)	0.00516 (0.0154)	0.0122 (0.0149)	0.00700 (0.0149)	0.00716 (0.0150)	0.00693 (0.0149)	0.00491 (0.0152)
LNEXPER	0.0245** (0.0106)	0.0227** (0.0110)	0.0215** (0.0107)	0.0253** (0.0105)	0.0242** (0.0106)	0.0256** (0.0107)	0.0251** (0.0105)
SIZE*GVC1		0.187*** (0.0721)
RD*GVC1			0.361*** (0.132)
WEB*GVC1				−0.0144 (0.167)
TRAIN*GVC1					0.0610 (0.118)
FDI*GVC1						0.459** (0.193)
MANUF*GVC1							0.0826 (0.0789)
CONSTANT	0.104** (0.0511)	0.176*** (0.0583)	0.0937* (0.0510)	0.0967* (0.0521)	0.104** (0.0506)	0.106** (0.0511)	0.0974* (0.0511)
INDUSTRY	Yes	Yes	Yes	Yes	Yes	Yes	Yes
REGION	Yes	Yes	Yes	Yes	Yes	Yes	Yes
OBSERVATIONS	1,078	1,078	1,078	1,078	1,078	1,078	1,078
Endogeneity test (P-value)	0.004	0.000	0.006	0.043	0.032	0.000	0.051
Sargan test (P-value)	0.6404	0.256	0.4257	0.540	0.775	0.796	0.365
Cragg-Donald Wald F statistic	29.831	18.068	18.017	11.857	12.475	17.551	11.751
Stock-Yogo weak ID at 5%	13.91	13.97	13.97	15.72	15.72	13.97	13.97
Stock-Yogo weak ID at 10%	9.08	8.78	8.78	9.48	9.48	8.78	8.78

Note(s):

Standard errors in parentheses; ***p < 0.01, **p < 0.05, *p < 0.1

Source(s): Authors’ own work

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