Table 4 Regression results of panel data...

Table 4

Regression results of panel data

Variables	Model (1)	Model (2)	Model (3)	Model (4)	Model (5)
Variables	Fixed effect	Fixed effect	GMM	GMM	GMM
L.TFP		0.115*	0.295***	0.295***	0.294***
L.TFP		(0.061)	(0.042)	(0.029)	(0.033)
SOE	0.089**	0.076*	0.089***	0.102*	0.172***
SOE	(0.041)	(0.044)	(0.032)	(0.060)	(0.054)
REG				−0.022**	0.067***
REG				(0.009)	(0.023)
REG*SOE					−0.125***
REG*SOE					(0.035)
GDP	0.024***	0.030***	0.035***	0.034***	0.039***
GDP	(0.008)	(0.009)	(0.003)	(0.002)	(0.003)
IND	0.019	0.009	0.005	0.001	−0.007
IND	(0.024)	(0.029)	(0.008)	(0.007)	(0.008)
STR	−0.047	−0.182	0.193***	0.133***	0.0715**
STR	(0.155)	(0.194)	(0.041)	(0.041)	(0.034)
ECS	1.294**	1.228*	0.332**	0.385***	0.301
ECS	(0.615)	(0.657)	(0.153)	(0.145)	(0.195)
FDI	−0.829	−0.464	−4.992*	−3.931	−1.206
FDI	(1.036)	(1.029)	(2.762)	(3.123)	(3.059)
Cons	0.654***	0.576***	0.381***	0.411***	0.369***
Cons	(0.103)	(0.133)	(0.049)	(0.067)	(0.069)
AR(1) p-value			0.000	0.000	0.000
AR(2) p-value			0.896	0.852	0.635
Sargen p-value			0.687	0.752	0.932
Obs	330	300	300	300	300
R-squared	0.206	0.274

Variables	Model (1)	Model (2)	Model (3)	Model (4)	Model (5)
Variables	Fixed effect	Fixed effect	GMM	GMM	GMM
L.TFP		0.115*	0.295***	0.295***	0.294***
L.TFP		(0.061)	(0.042)	(0.029)	(0.033)
SOE	0.089**	0.076*	0.089***	0.102*	0.172***
SOE	(0.041)	(0.044)	(0.032)	(0.060)	(0.054)
REG				−0.022**	0.067***
REG				(0.009)	(0.023)
REG*SOE					−0.125***
REG*SOE					(0.035)
GDP	0.024***	0.030***	0.035***	0.034***	0.039***
GDP	(0.008)	(0.009)	(0.003)	(0.002)	(0.003)
IND	0.019	0.009	0.005	0.001	−0.007
IND	(0.024)	(0.029)	(0.008)	(0.007)	(0.008)
STR	−0.047	−0.182	0.193***	0.133***	0.0715**
STR	(0.155)	(0.194)	(0.041)	(0.041)	(0.034)
ECS	1.294**	1.228*	0.332**	0.385***	0.301
ECS	(0.615)	(0.657)	(0.153)	(0.145)	(0.195)
FDI	−0.829	−0.464	−4.992*	−3.931	−1.206
FDI	(1.036)	(1.029)	(2.762)	(3.123)	(3.059)
Cons	0.654***	0.576***	0.381***	0.411***	0.369***
Cons	(0.103)	(0.133)	(0.049)	(0.067)	(0.069)
AR(1) p-value			0.000	0.000	0.000
AR(2) p-value			0.896	0.852	0.635
Sargen p-value			0.687	0.752	0.932
Obs	330	300	300	300	300
R-squared	0.206	0.274

Note(s): Standard errors are in brackets, * means significant at the 10% level, ** means significant at the 5% level, *** means significant at the 1% level, the same below

Source(s): Authors own work

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