Table 4.
Estimates of mediating factors and productivity spillover channels without interaction effects.
| Depvar: ltfpijt | Fixed Effect Estimation | System GMM Estimation |
|---|---|---|
| Independent variables | All firms (I) | All firms (II) |
| ltfpijt-1 | 0.641*** (0.095) | |
| Horizontal Spillover | 1.293*** | 0.262 |
| (0.371) | (0.261) | |
| Backward Spillover | 1.616* | 2.841*** |
| (0.908) | (0.662) | |
| Forward Spillover | −1.025 | −0.883 |
| (2.472) | (1.46) | |
| HHI | −1.669 | 0.136 |
| (1.131) | (0.717) | |
| Age | 0.055*** | 0.024*** |
| (0.003) | (0.007) | |
| Export intensity | 0.002** | 0.002* |
| (0.001) | (0.001) | |
| Import intensity | −0.168*** | −0.151*** |
| (0.001) | (0.033) | |
| R&D intensity | −2.097* | −2.514** |
| (1.096) | (1.086) | |
| Advertisement intensity | 0.018 | −1.021 |
| (2.494) | (1.917) | |
| Constant | −0.999*** | |
| (0.273) | ||
| Time fixed Effect | Yes | |
| Observations | 6118 | 5244 |
| Number of firms | 437 | 437 |
| Within R-squared | 0.3599 | |
| F-statistic | 2581.62*** | 253.49*** |
| Hausman test (chi-square) | 723.86*** | |
| Hansen (p-value) | 0.188 | |
| AR(2) (p-value) | 0.055 |
Note: (1) Robust standard errors are provided in the parentheses. (2) *, **, and *** represent significance at the 10 per cent, 5 per cent, and 1 per cent levels, respectively.