Table 2. Benchmark regression results.
| Variables | Model 1 | Model 2 | Model 3 | Model 4 |
|---|---|---|---|---|
| GVCP | GVCP | GVCP | GVCP | |
| ROD | 0.0044** | 0.0059*** | 0.0059*** | 0.0052*** |
| (2.2300) | (2.9929) | (2.9675) | (2.6070) | |
| EPR | 0.0352 | 0.0453 | 0.0673** | |
| (1.0565) | (1.3577) | (2.0753) | ||
| PGDP | -0.0202 | -0.0063 | 0.0451 | |
| (-1.2814) | (-0.3000) | (1.5698) | ||
| TAF | -0.0088 | -0.0112* | -0.0103* | |
| (-1.4384) | (-1.7829) | (-1.7185) | ||
| REX | -0.0480*** | -0.0331*** | ||
| (-4.0679) | (-2.6210) | |||
| IEF | 0.0122 | 0.0314 | ||
| (0.2343) | (0.6131) | |||
| EMP | -0.0174* | |||
| (-1.7430) | ||||
| EXP | -0.0057 | |||
| (-1.2816) | ||||
| IMP | -0.0213** | |||
| (-2.3561) | ||||
| Constant | 1.3521*** | 1.4146*** | 1.4309*** | 1.0039*** |
| (831.5222) | (7.9092) | (8.0416) | (4.3523) | |
| National | YES | YES | YES | YES |
| Industry | YES | YES | YES | YES |
| Year | YES | YES | YES | YES |
| N | 10260 | 10260 | 10260 | 10260 |
| R2 | 0.9764 | 0.9765 | 0.9766 | 0.9768 |
Note: In brackets is the corresponding t value of the estimated result
***, **, * represent statistical significance at 1%, 5%, and 10%, respectively.