Regression results of three types of ER combination
| No lag | One-year lag | |||
|---|---|---|---|---|
| Model 1 | Model 2 | Model 3 | Model 4 | |
| GTFP t−1 | 0.4853*** | 0.4907*** | 0.4760*** | 0.4584*** |
| (4.94) | (4.86) | (5.2) | (5.05) | |
| CER | 0.0587 | −0.2059 | 0.1239** | 0.1970 |
| (1.12) | (−0.79) | (2.11) | (0.86) | |
| CER2 | 0.2811 | −0.0797 | ||
| (1.04) | (−0.33) | |||
| MER | 0.1183* | 0.2472 | 0.1063 | 0.1108 |
| (1.7) | (1.07) | (1.53) | (0.5) | |
| MER2 | −0.1292 | −0.0090 | ||
| (−0.55) | (−0.04) | |||
| VER | 0.0155 | −0.1117 | −0.0114 | 0.1874 |
| (0.25) | (−0.74) | (−0.23) | (1.43) | |
| VER2 | 0.1604 | −0.2560* | ||
| (0.86) | (−1.67) | |||
| GDP | 0.0252 | 0.0571 | 0.0601 | 0.0277 |
| (0.35) | (0.55) | (0.92) | (0.33) | |
| OSS | 0.1544** | 0.1583** | 0.2312*** | 0.2301*** |
| (2.36) | (2.43) | (3.65) | (3.60) | |
| IDP | 0.2600*** | 0.2925*** | 0.1429** | 0.1265*** |
| (3.24) | (3.45) | (2.00) | (1.68) | |
| Constant | 0.3632*** | 0.3544*** | 0.3818*** | 0.3877*** |
| (4.03) | (3.91) | (4.38) | (4.54) | |
| σ u | 0.0584*** | 0.0570*** | 0.0620*** | 0.0640*** |
| (4.01) | (3.50) | (4.71) | (4.59) | |
| σ e | 0.0680*** | 0.0678*** | 0.0678*** | 0.0666*** |
| (13.62) | (12.9) | (14.31) | (14.08) | |
| r | 0.4248 | 0.4146 | 0.4555 | 0.4798 |
| LR test | 8.13*** | 6.04*** | 9.99*** | 10.09*** |
| Wald χ 2 | 104.57*** | 107.84*** | 92.95*** | 97.32*** |
| Log likelihood | 167.2559 | 168.1943 | 166.2314 | 167.6217 |
| No lag | One-year lag | |||
|---|---|---|---|---|
| Model 1 | Model 2 | Model 3 | Model 4 | |
| GTFP | 0.4853*** | 0.4907*** | 0.4760*** | 0.4584*** |
| (4.94) | (4.86) | (5.2) | (5.05) | |
| CER | 0.0587 | −0.2059 | 0.1239** | 0.1970 |
| (1.12) | (−0.79) | (2.11) | (0.86) | |
| CER2 | 0.2811 | −0.0797 | ||
| (1.04) | (−0.33) | |||
| MER | 0.1183* | 0.2472 | 0.1063 | 0.1108 |
| (1.7) | (1.07) | (1.53) | (0.5) | |
| MER2 | −0.1292 | −0.0090 | ||
| (−0.55) | (−0.04) | |||
| VER | 0.0155 | −0.1117 | −0.0114 | 0.1874 |
| (0.25) | (−0.74) | (−0.23) | (1.43) | |
| VER2 | 0.1604 | −0.2560* | ||
| (0.86) | (−1.67) | |||
| GDP | 0.0252 | 0.0571 | 0.0601 | 0.0277 |
| (0.35) | (0.55) | (0.92) | (0.33) | |
| OSS | 0.1544** | 0.1583** | 0.2312*** | 0.2301*** |
| (2.36) | (2.43) | (3.65) | (3.60) | |
| IDP | 0.2600*** | 0.2925*** | 0.1429** | 0.1265*** |
| (3.24) | (3.45) | (2.00) | (1.68) | |
| Constant | 0.3632*** | 0.3544*** | 0.3818*** | 0.3877*** |
| (4.03) | (3.91) | (4.38) | (4.54) | |
| 0.0584*** | 0.0570*** | 0.0620*** | 0.0640*** | |
| (4.01) | (3.50) | (4.71) | (4.59) | |
| 0.0680*** | 0.0678*** | 0.0678*** | 0.0666*** | |
| (13.62) | (12.9) | (14.31) | (14.08) | |
| 0.4248 | 0.4146 | 0.4555 | 0.4798 | |
| LR test | 8.13*** | 6.04*** | 9.99*** | 10.09*** |
| Wald | 104.57*** | 107.84*** | 92.95*** | 97.32*** |
| Log likelihood | 167.2559 | 168.1943 | 166.2314 | 167.6217 |
Numbers within parentheses represent the z-values. σ u, error due to differences between units; σ e, error due to differences within units. *, ** and *** represent statistical significance at 10, 5 and 1% levels, respectively