GVC (two-way trader) and innovation (2SLS)
| (1) | (2) | (3) | (4) | (5) | (6) | (7) | |
|---|---|---|---|---|---|---|---|
| Variables | Innovation | Innovation | Innovation | Innovation | Innovation | Innovation | Innovation |
| GVC2 | 0.480*** (0.120) | 1.001** (0.402) | 0.323** (0.141) | 0.568 (0.540) | 0.457** (0.190) | 0.466*** (0.131) | 0.239 (0.213) |
| SIZE | −0.0140 (0.0103) | −8.87e-05 (0.0135) | −0.0156 (0.0109) | −0.0131 (0.0106) | −0.0128 (0.0102) | −0.0146 (0.0102) | −0.0132 (0.0100) |
| LNAGE | −0.0215** (0.00845) | −0.0243*** (0.00893) | −0.0230** (0.00898) | −0.0212** (0.00851) | −0.0206** (0.00857) | −0.0215** (0.00842) | −0.0199** (0.00832) |
| RD | 0.0456** (0.0181) | 0.0453** (0.0186) | −0.00269 (0.0291) | 0.0446** (0.0186) | 0.0447** (0.0180) | 0.0463** (0.0180) | 0.0437** (0.0177) |
| WEB | 0.0125 (0.0177) | 0.0178 (0.0184) | 0.0191 (0.0189) | 0.0160 (0.0242) | 0.0134 (0.0175) | 0.0125 (0.0176) | 0.0123 (0.0172) |
| SKILL | −0.00623 (0.0281) | −0.00643 (0.0288) | −0.00273 (0.0297) | −0.00769 (0.0301) | −0.00531 (0.0286) | −0.00678 (0.0279) | −0.00847 (0.0273) |
| TRAIN | 0.0722*** (0.0261) | 0.0731*** (0.0267) | 0.0722*** (0.0275) | 0.0749*** (0.0262) | 0.0834*** (0.0290) | 0.0745*** (0.0269) | 0.0811*** (0.0262) |
| FDI | 0.322*** (0.0717) | 0.361*** (0.0771) | 0.360*** (0.0778) | 0.324*** (0.0715) | 0.324*** (0.0720) | 0.278*** (0.0833) | 0.304*** (0.0707) |
| FINANCE | 0.00355 (0.00747) | 0.00375 (0.00768) | 0.00828 (0.00820) | 0.00359 (0.00746) | 0.00362 (0.00741) | 0.00314 (0.00745) | 0.00520 (0.00737) |
| FEMALE | −0.00585 (0.0144) | −0.00117 (0.0152) | −0.00131 (0.0154) | −0.00532 (0.0148) | −0.00559 (0.0148) | −0.00690 (0.0144) | −0.00652 (0.0140) |
| LNEXPER | 0.0292*** (0.0107) | 0.0307*** (0.0110) | 0.0270** (0.0113) | 0.0293*** (0.0106) | 0.0298*** (0.0105) | 0.0288*** (0.0106) | 0.0297*** (0.0104) |
| SIZE* GVC2 | −0.242 (0.162) | ||||||
| RD* GVC2 | 0.868** (0.394) | ||||||
| WEB* GVC2 | −0.110 (0.551) | ||||||
| TRAIN* GVC2 | −0.0591 (0.214) | ||||||
| FDI* GVC2 | 0.226 (0.244) | ||||||
| MANUF* GVC2 | 0.285 (0.202) | ||||||
| CONSTANT | 0.0739 (0.0499) | 0.0521 (0.0523) | 0.0850 (0.0531) | 0.0682 (0.0536) | 0.0664 (0.0490) | 0.0750 (0.0497) | 0.0610 (0.0495) |
| 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) | 0.001 | 0.003 | 0.000 | 0.006 | 0.033 | 0.013 | 0.014 |
| Sargan test (P-value) | 0.527 | 0.448 | 0.903 | 0.821 | 0.406 | 0.200 | 0.387 |
| Cragg-Donald Wald F statistic | 29.160 | 8.85 | 14.527 | 12.219 | 8.181 | 14.709 | 10.334 |
| 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 |
| GVC2 | 0.480 | 1.001 | 0.323 | 0.568 (0.540) | 0.457 | 0.466 | 0.239 (0.213) |
| −0.0140 (0.0103) | −8.87e-05 (0.0135) | −0.0156 (0.0109) | −0.0131 (0.0106) | −0.0128 (0.0102) | −0.0146 (0.0102) | −0.0132 (0.0100) | |
| −0.0215 | −0.0243 | −0.0230 | −0.0212 | −0.0206 | −0.0215 | −0.0199 | |
| 0.0456 | 0.0453 | −0.00269 (0.0291) | 0.0446 | 0.0447 | 0.0463 | 0.0437 | |
| 0.0125 (0.0177) | 0.0178 (0.0184) | 0.0191 (0.0189) | 0.0160 (0.0242) | 0.0134 (0.0175) | 0.0125 (0.0176) | 0.0123 (0.0172) | |
| −0.00623 (0.0281) | −0.00643 (0.0288) | −0.00273 (0.0297) | −0.00769 (0.0301) | −0.00531 (0.0286) | −0.00678 (0.0279) | −0.00847 (0.0273) | |
| 0.0722 | 0.0731 | 0.0722 | 0.0749 | 0.0834 | 0.0745 | 0.0811 | |
| 0.322 | 0.361 | 0.360 | 0.324 | 0.324 | 0.278 | 0.304 | |
| FINANCE | 0.00355 (0.00747) | 0.00375 (0.00768) | 0.00828 (0.00820) | 0.00359 (0.00746) | 0.00362 (0.00741) | 0.00314 (0.00745) | 0.00520 (0.00737) |
| −0.00585 (0.0144) | −0.00117 (0.0152) | −0.00131 (0.0154) | −0.00532 (0.0148) | −0.00559 (0.0148) | −0.00690 (0.0144) | −0.00652 (0.0140) | |
| LNEXPER | 0.0292 | 0.0307 | 0.0270 | 0.0293 | 0.0298 | 0.0288 | 0.0297 |
| −0.242 (0.162) | |||||||
| 0.868 | |||||||
| −0.110 (0.551) | |||||||
| −0.0591 (0.214) | |||||||
| 0.226 (0.244) | |||||||
| 0.285 (0.202) | |||||||
| CONSTANT | 0.0739 (0.0499) | 0.0521 (0.0523) | 0.0850 (0.0531) | 0.0682 (0.0536) | 0.0664 (0.0490) | 0.0750 (0.0497) | 0.0610 (0.0495) |
| INDUSTRY | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Yes | Yes | Yes | Yes | Yes | Yes | Yes | |
| OBSERVATIONS | 1,078 | 1,078 | 1,078 | 1,078 | 1,078 | 1,078 | 1,078 |
| Endogeneity test ( | 0.001 | 0.003 | 0.000 | 0.006 | 0.033 | 0.013 | 0.014 |
| Sargan test ( | 0.527 | 0.448 | 0.903 | 0.821 | 0.406 | 0.200 | 0.387 |
| Cragg-Donald Wald F statistic | 29.160 | 8.85 | 14.527 | 12.219 | 8.181 | 14.709 | 10.334 |
| Stock-Yogo weak | 13.91 | 13.97 | 13.97 | 15.72 | 15.72 | 13.97 | 13.97 |
| Stock-Yogo weak | 9.08 | 8.78 | 8.78 | 9.48 | 9.48 | 8.78 | 8.78 |
Standard errors in parentheses; ***p < 0.01, **p < 0.05, *p < 0.1
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