Table 4.

Results of moderation effect regression

(1)(2)(3)(4)
VariableGINGINGIN2GIN2
STFE28.6401* (1.69)17.1275** (2.31)13.3065 (1.62)5.9832 (1.62)
ED*STFE4.0492 (0.37) 1.4650 (0.25) 
dummy*STFE 36.9369*** (2.91) 20.6404*** (3.54)
ED−0.1410 (−0.89) −0.0336 (−0.42) 
dummy −0.5311*** (−2.76) −0.2840*** (−3.06)
FDI2.1603*** (2.90)1.8626*** (2.79)1.8321*** (3.19)1.6727*** (3.20)
EG2.4167*** (5.37)2.3364*** (5.48)1.5802*** (5.69)1.5316*** (5.75)
IN−0.0056 (−0.29)−0.0056 (−0.27)−0.0012 (−0.11)−0.0014 (−0.12)
IS2.1638*** (3.98)2.0153*** (3.85)1.3033*** (3.99)1.2072*** (3.78)
IND0.0003 (0.79)0.0003 (0.71)0.0003 (1.32)0.0003 (1.27)
Cons−8.7977*** (−5.71)−8.3921*** (−5.90)−5.7924*** (−6.11)−5.5038*** (−6.22)
YearYESYESYESYES
CityYESYESYESYES
N4,2604,2604,2604,260
R20.5130.5310.5500.565

Note(s):t statistics in parentheses;

***p < 0.01,

**p < 0.05 and

*p < 0.1

Source(s): Authors’ own creation

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