Table 6. GVC (two-way trader) and...

Table 6.

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*** (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

Note(s):

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

Source(s): Authors’ own work

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