Table 6 The effect of FDI and its modes...

Table 6

The effect of FDI and its modes of entry on domestic entrepreneurship, two-step system GMM

	FDI	Greenfield	M&As
	(1)	(2)	(3)
FDI	0.134^***
	(0.041)
Greenfield		0.109^*
		(0.059)
M&A			0.030
			(0.210)
L.entrepreneurship	0.843^***	1.147^***	0.959^***
	(0.039)	(0.070)	(0.330)
Controls	Y	Y	Y
Overidentification test (Hansen test)	0.384	0.423	0.197
AR(1)	0.00	0.001	0.002
AR(2)	0.624	0.543	0.544
Observations	729	674	486

	FDI	Greenfield	M&As
	(1)	(2)	(3)
FDI	0.134^***
	(0.041)
Greenfield		0.109^*
		(0.059)
M&A			0.030
			(0.210)
L.entrepreneurship	0.843^***	1.147^***	0.959^***
	(0.039)	(0.070)	(0.330)
Controls	Y	Y	Y
Overidentification test (Hansen test)	0.384	0.423	0.197
AR(1)	0.00	0.001	0.002
AR(2)	0.624	0.543	0.544
Observations	729	674	486

Note(s): Robust standard errors are in parentheses, ^*, ^** and ^*** denote significance levels at 10, 5 and 1%, respectively