Table 5.
Estimates of mediating factors and productivity spillover channels without interaction effects.
| Depvar: ltfpijt | Fixed Effect Estimation | System GMM Estimation | ||
|---|---|---|---|---|
| Independent variables | Domestic firms (iii) | Foreign firms (iv) | Domestic firms (v) | Foreign firms (vi) |
| ltfpijt-1 | 0.718*** | 0.643*** | ||
| (0.037) | (0.121) | |||
| Horizontal Spillover | 0.258 | 3.849*** | −0.899*** | 2.617*** |
| (0.433) | (0.607) | (0.266) | (0.466) | |
| Backward Spillover | 1.787* | 0.475 | 3.326*** | 3.383** |
| (1.024) | (1.942) | (0.768) | (1.615) | |
| Forward Spillover | −0.34 | −1.747 | −0.044 | −0.766 |
| (2.999) | (4.056) | (1.379) | (2.955) | |
| HHI | −2.212* | −2.188 | −0.102 | −1.113 |
| (1.291) | (1.748) | (0.719) | (1.424) | |
| Age | 0.053*** | 0.06*** | 0.018*** | 0.023** |
| (0.004) | (0.006) | (0.003) | (0.01) | |
| Export intensity | 0.003** | 0.001 | 0.003* | 0.001 |
| (0.001) | (0.001) | (0.001) | (0.001) | |
| Import intensity | −0.167*** | −0.364** | −0.171*** | 0.664 |
| (0.001) | (0.17) | (0.024) | (1.062) | |
| R&D intensity | −1.416 | −2.054 | −1.372 | 6.739 |
| (1.326) | (1.808) | (1.322) | (7.798) | |
| Advertisement intensity | −0.675 | 0.328 | −1.847 | −0.23 |
| (5.369) | (0.479) | (2.647) | (1.641) | |
| Constant | −0.733** | −1.703*** | ||
| (0.304) | (0.556) | |||
| Time fixed Effect | Yes | Yes | ||
| Observations | 4620 | 1498 | 3960 | 1284 |
| Number of firms | 330 | 107 | 330 | 107 |
| Within R-squared | 0.3524 | 0.4448 | ||
| F-statistic | 3908.37*** | 12.47*** | 274.44*** | 95.31*** |
| Hausman test (chi-square) | 606.32*** | 137.32*** | ||
| Hansen (p-value) | 0.291 | 0.53 | ||
| AR(2) (p-value) | 0.121 | 0.376 | ||
Note: (1) Robust standard errors are in the parentheses. (2) *, **, and *** show significance at the 10 per cent, 5 per cent, and 1 per cent levels, respectively.