Estimation results
| Dependent variable | lnICTFDI | lnSCIFDI | ||||
|---|---|---|---|---|---|---|
| RE-GLS | 1SYS-GMM | 2SYS-GMM | RE-GLS | 1SYS-GMM | 2SYS-GMM | |
| Independent variables | ||||||
| HCt−1 | 0.0081** (0.0031) | 0.0073*** (0.0025) | 0.0060*** (0.0014) | −0.0001 (0.0025) | 0.0001 (0.0019) | 0.0005 (0.0018) |
| IPRt−1 | 0.0129 (0.0217) | 0.0037 (0.0264) | 0.0177 (0.0181) | 0.0820*** (0.0210) | 0.0598** (0.0261) | 0.0487*** (0.0185) |
| Control variables | ||||||
| lnSIZEt−1 | 3.5497*** (0.9390) | 1.9473*** (0.5687) | 1.9080*** (0.5629) | 1.8977*** (0.6421) | 1.4940*** (0.4994) | 1.1811*** (0.3547) |
| GRt−1 | 0.1742 (0.1022) | 0.0372 (0.0894) | −0.0004 (0.0646) | −0.0470 (0.1439) | −0.0840 (0.1004) | −0.0421 (0.0984) |
| OPENt−1 | 0.8845 (5.1360) | 1.7478 (4.5675) | 0.7396 (3.0091) | 6.9767** (3.2603) | 6.1418 (4.1702) | 4.1836 (2.9494) |
| AGGt−1 | 15.0686*** (4.5073) | 5.6127** (2.7355) | 5.4349** (2.3398) | 6.9958*** (2.5302) | 5.7211*** (2.1362) | 4.2376** (1.8141) |
| lnICTFDIt−1 | 0.3877** (0.1622) | 0.3827*** (0.0914) | ||||
| lnSCIFDIt−1 | 0.1992 (0.1869) | 0.3672*** (0.1261) | ||||
| Constant | −31.0865*** (6.9002) | −18.0199*** (5.6256) | −16.3937*** (5.2097) | −14.4808*** (4.3830) | −13.6831*** (4.0027) | −10.4536*** (2.4351) |
| Year dummy | Included | Included | Included | Included | Included | Included |
| Observations | 198 | 176 | 176 | 198 | 176 | 176 |
| Provinces | 22 | 22 | 22 | 22 | 22 | 22 |
| R2 within | 0.2273 | 0.0642 | ||||
| R2 between | 0.6770 | 0.8219 | ||||
| R2 overall | 0.6094 | 0.5507 | ||||
| Instruments | 20 | 20 | 19 | 19 | ||
| Wald test | 502.99*** | 31789.51*** | 115028.92*** | 841.92*** | 11549.32*** | 33116.52*** |
| AR (1) | 0.004 | 0.003 | 0.011 | 0.023 | ||
| AR (2) | 0.970 | 0.957 | 0.818 | 0.554 | ||
| Sargan test | 0.878 | 0.878 | 0.874 | 0.874 | ||
| Hansen test | 0.924 | 0.924 | 0.838 | 0.838 | ||
| Dependent variable | ||||||
|---|---|---|---|---|---|---|
| RE-GLS | 1SYS-GMM | 2SYS-GMM | RE-GLS | 1SYS-GMM | 2SYS-GMM | |
| Independent variables | ||||||
| 0.0081** (0.0031) | 0.0073*** (0.0025) | 0.0060*** (0.0014) | −0.0001 (0.0025) | 0.0001 (0.0019) | 0.0005 (0.0018) | |
| 0.0129 (0.0217) | 0.0037 (0.0264) | 0.0177 (0.0181) | 0.0820*** (0.0210) | 0.0598** (0.0261) | 0.0487*** (0.0185) | |
| Control variables | ||||||
| 3.5497*** (0.9390) | 1.9473*** (0.5687) | 1.9080*** (0.5629) | 1.8977*** (0.6421) | 1.4940*** (0.4994) | 1.1811*** (0.3547) | |
| 0.1742 (0.1022) | 0.0372 (0.0894) | −0.0004 (0.0646) | −0.0470 (0.1439) | −0.0840 (0.1004) | −0.0421 (0.0984) | |
| 0.8845 (5.1360) | 1.7478 (4.5675) | 0.7396 (3.0091) | 6.9767** (3.2603) | 6.1418 (4.1702) | 4.1836 (2.9494) | |
| 15.0686*** (4.5073) | 5.6127** (2.7355) | 5.4349** (2.3398) | 6.9958*** (2.5302) | 5.7211*** (2.1362) | 4.2376** (1.8141) | |
| 0.3877** (0.1622) | 0.3827*** (0.0914) | |||||
| 0.1992 (0.1869) | 0.3672*** (0.1261) | |||||
| Constant | −31.0865*** (6.9002) | −18.0199*** (5.6256) | −16.3937*** (5.2097) | −14.4808*** (4.3830) | −13.6831*** (4.0027) | −10.4536*** (2.4351) |
| Year dummy | Included | Included | Included | Included | Included | Included |
| Observations | 198 | 176 | 176 | 198 | 176 | 176 |
| Provinces | 22 | 22 | 22 | 22 | 22 | 22 |
| R2 within | 0.2273 | 0.0642 | ||||
| R2 between | 0.6770 | 0.8219 | ||||
| R2 overall | 0.6094 | 0.5507 | ||||
| Instruments | 20 | 20 | 19 | 19 | ||
| Wald test | 502.99*** | 31789.51*** | 115028.92*** | 841.92*** | 11549.32*** | 33116.52*** |
| AR (1) | 0.004 | 0.003 | 0.011 | 0.023 | ||
| AR (2) | 0.970 | 0.957 | 0.818 | 0.554 | ||
| Sargan test | 0.878 | 0.878 | 0.874 | 0.874 | ||
| Hansen test | 0.924 | 0.924 | 0.838 | 0.838 | ||
Note(s): The table reports the coefficients and robust standard errors (in parentheses), ***p < 0.01 and **p < 0.05
Source(s): Compiled by the author
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