Table 6.
Mediating Factors and FDI Spillover effect: System GMM Estimation.
| Depvar: ltfpijt |
Interaction with HS |
Interaction with BS |
Interaction with FS |
||||||
|---|---|---|---|---|---|---|---|---|---|
| Independent variables | All firms (i) | Domestic firms (ii) | Foreign firms (iii) | All firms (iv) | Domestic firms (v) | Foreign firms (vi) | All firms (vii) | Domestic firms (viii) | Foreign firms (ix) |
| ltfpijt-1 | 0.621*** | 0.689*** | 0.771*** | 0.759*** | 0.818*** | 0.682*** | 0.595*** | 0.691*** | 0.680*** |
| (0.102) | (0.040) | (0.089) | (0.074) | (0.029) | (0.099) | (0.108) | (0.041) | (0.131) | |
| Horizontal FDI (HS) | −2.405*** | −3.366*** | 1.149 | 0.131 | −0.987*** | 2.573*** | 0.067 | −0.993*** | 2.567*** |
| (0.754) | (0.495) | (0.788) | (0.259) | (0.293) | (0.422) | (0.252) | (0.270) | (0.478) | |
| Backward FDI (BS) | 2.524*** | 2.917*** | 3.496** | 0.227 | 1.125 | −2.236 | 2.179*** | 2.620*** | 3.330** |
| (0.684) | (0.743) | (1.562) | (1.156) | (0.908) | (2.663) | (0.728) | (0.740) | (1.671) | |
| Forward FDI (FS) | −0.184 | 0.293 | −1.755 | −3.828*** | −1.994 | −2.632 | −9.929*** | −8.084*** | −9.083** |
| (1.625) | (1.347) | (3.129) | (1.381) | (1.445) | (2.867) | (2.256) | (1.525) | (4.168) | |
| HHI | 0.738 | −0.081 | −0.583 | −0.341 | −0.342 | −1.269 | 0.531 | 0.013 | −1.122 |
| (0.819) | (0.709) | (1.405) | (0.726) | (0.742) | (1.401) | (0.732) | (0.708) | (1.467) | |
| HS*AGE | 0.092*** | 0.077*** | 0.047** | ||||||
| (0.026) | (0.012) | (0.023) | |||||||
| HS*EXPINT | 0.005* | 0.011** | 0.005 | ||||||
| (0.003) | (0.005) | (0.005) | |||||||
| HS*IMPINT | −0.704*** | −0.783*** | −0.596 | ||||||
| (0.162) | (0.134) | (2.643) | |||||||
| HS*RDINT | −8.255* | −7.644** | −10.605 | ||||||
| (4.499) | (3.989) | (27.050) | |||||||
| HS*ADINT | −6.531 | −9.945 | −4.699 | ||||||
| (7.613) | (11.431) | (5.038) | |||||||
| BS*AGE | 0.118*** | 0.101*** | 0.196*** | ||||||
| (0.041) | (0.022) | (0.077) | |||||||
| BS*EXPINT | 0.012* | 0.026** | 0.017 | ||||||
| (0.007) | (0.011) | (0.022) | |||||||
| BS*IMPINT | −9.192 | −18.186** | 9.820 | ||||||
| (9.173) | (8.092) | (8.289) | |||||||
| BS*RDINT | −9.654 | −20.958 | −40.663 | ||||||
| (22.877) | (26.333) | (29.106) | |||||||
| BS*ADINT | 5.610 | 0.813 | 35.578 | ||||||
| (19.737) | (69.811) | (31.318) | |||||||
| FS*AGE | 0.396*** | 0.285*** | 0.264* | ||||||
| (0.117) | (0.048) | (0.153) | |||||||
| FS*EXPINT | 0.029 | 0.068*** | 0.009 | ||||||
| (0.019) | (0.023) | (0.015) | |||||||
| FS*IMPINT | −2.263*** | −2.682*** | 14.616 | ||||||
| (0.569) | (0.425) | (15.451) | |||||||
| FS*RDINT | −46.251** | −38.992* | 183.206 | ||||||
| (21.436) | (21.799) | (165.635) | |||||||
| FS*ADINT | −29.100 | −44.911 | 11.214 | ||||||
| (30.014) | (33.578) | (27.481) | |||||||
| Constant | |||||||||
| Observations | 5244 | 3960 | 1284 | 5244 | 3960 | 1284 | 5244 | 3960 | 1284 |
| Number of firms | 437 | 330 | 107 | 437 | 330 | 107 | 437 | 330 | 107 |
| F-statistic | 188.87 | 188.45 | 105.01 | 236.55 | 246.18 | 58.85 | 180.25 | 226.42 | 67.39 |
| Hansen (p-value) | 0.174 | 0.252 | 0.221 | 0.164 | 0.239 | 0.18 | 0.196 | 0.291 | 0.546 |
| AR(2) (p-value) | 0.064 | 0.125 | 0.389 | 0.304 | 0.143 | 0.424 | 0.069 | 0.124 | 0.291 |
Notes: Robust standard errors are given in the parentheses and *, **, and *** show significance at the 10 per cent, 5 per cent, and 1 per cent levels, respectively. Here HS stands for horizontal spillover, BS for backward spillover and FS for forward spillover effects respectively.
Source: Authors' calculation.