Robustness test
| Variable | GTFP | ||||||
|---|---|---|---|---|---|---|---|
| H1 | H1 | H1 | H1 | H1 | H1 | H1 | |
| (1) | (2) | (3) | (4) | (5) | (6) | (7) | |
| DRI | 0.538*** (57.496) | 0.591*** (76.669) | 0.506*** (57.214) | 0.678*** (58.977) | 0.535*** (49.321) | 0.658*** (57.362) | 0.583*** (51.933) |
| Constant | 0.496*** (120.494) | 0.560*** (135.363) | 0.551*** (120.916) | 0.502*** (68.842) | 0.603*** (79.959) | 0.528*** (72.195) | 0.580*** (77.849) |
| Controls | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Industry fixed | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Province fixed | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| N | 9,627 | 12,146 | 9,233 | 15,565 | 15,565 | 15,565 | 15,565 |
| R2 | 0.866 | 0.891 | 0.879 | 0.903 | 0.899 | 0.904 | 0.902 |
| Variable | |||||||
|---|---|---|---|---|---|---|---|
| (1) | (2) | (3) | (4) | (5) | (6) | (7) | |
| 0.538*** (57.496) | 0.591*** (76.669) | 0.506*** (57.214) | 0.678*** (58.977) | 0.535*** (49.321) | 0.658*** (57.362) | 0.583*** (51.933) | |
| Constant | 0.496*** (120.494) | 0.560*** (135.363) | 0.551*** (120.916) | 0.502*** (68.842) | 0.603*** (79.959) | 0.528*** (72.195) | 0.580*** (77.849) |
| Controls | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Industry fixed | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Province fixed | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| 9,627 | 12,146 | 9,233 | 15,565 | 15,565 | 15,565 | 15,565 | |
| 0.866 | 0.891 | 0.879 | 0.903 | 0.899 | 0.904 | 0.902 | |
***, ** and *are significant at 1, 5 and 10% levels, respectively, with t-values in brackets