Table 3.
Model estimation results.
| Variable | Model (1) | Model (2) | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Manufacturing | Patent-Intensive Manufacturing |
Non-Patent Intensive Manufacturing |
Manufacturing | Patent-Intensive Manufacturing |
Non-Patent Intensive Manufacturing |
|||||||
| RE | FE | RE | FE | RE | FE | RE | FE | RE | FE | RE | FE | |
| C | −0.4588 (0.3771) |
−1.6051 ** (0.7323) |
−0.1365 (0.917) |
−0.7432 (1.6995) |
−0.6628 (0.4653) |
−1.6903 * (0.9070) |
−0.4644 (0.4031) |
−1.7918 ** (0.7389) |
−0.4510 (0.8861) |
−2.1090 (1.8078) |
−0.5656 (0.4802) |
−2.0694 ** (0.8987) |
| ER | −0.1660 *** (0.0264) |
−0.0866 ** (0.0360) |
−0.1418 ** (0.0539) |
−0.0141 (0.0716) |
−0.1552 *** (0.0320) |
−0.1297 *** (0.0411) |
−0.1554 ** (0.0727) |
−0.1289 (0.0836) |
−0.3050 * (0.1617) |
−0.3383 * (0.1797) |
−0.0831 (0.0791) |
−0.0591 (0.0939) |
| IFDI | 0.1999 *** (0.0474) |
0.0853 (0.0709) |
0.2214 ** (0.1040) |
0.0031 (0.1315) |
0.1146 * (0.0611) |
0.1161 (0.0844) |
0.2196 *** (0.0779) |
0.0663 (0.0938) |
0.0964 (0.1648) |
−0.3440 (0.2149) |
0.2152 ** (0.0895) |
0.1677 * (0.0991) |
| OFDI | 0.1555 * (0.0855) |
0.2386 * (0.1399) |
0.0606 (0.1479) |
0.0859 (0.1967) |
0.1785 (0.1247) |
0.3865 * (0.2057) |
0.0981 (0.1185) |
0.1104 (0.1587) |
0.1322 (0.2119) |
0.0470 (0.2652) |
0.0105 (0.1560) |
0.2497 (0.2156) |
| CI | −0.1920 (0.1508) |
0.4341 (0.2668) |
−0.1719 (0.3177) |
0.2198 (0.4374) |
−0.1471 (0.1939) |
0.5319 (0.3624) |
−0.1820 (0.1605) |
0.4246 (0.2714) |
−0.2807 (0.2961) |
0.2465 (0.4305) |
−0.1339 (0.2056) |
0.6551 * (0.3679) |
| SE | 0.2497 *** (0.0768) |
0.0431 (0.1168) |
0.2988 * (0.1615) |
0.2955 (0.2065) |
0.1751 * (0.1028) |
−0.0479 (0.1453) |
0.2498 *** (0.0793) |
0.0721 (0.1177) |
0.3081 ** (0.1449) |
0.3292 (0.2035) |
0.1906 * (0.1043) |
0.0170 (0.1451) |
| GS | −0.0419 (0.0491) |
−0.0431 (0.0604) |
−0.0258 (0.1954) |
−0.1178 (0.2360) |
−0.0980 * (0.0579) |
−0.0661 (0.0620) |
−0.0373 (0.0497) |
−0.0411 (0.0604) |
−0.0658 (0.1856) |
−0.2241 (0.2492) |
−0.0972 * (0.0570) |
−0.0676 (0.0606) |
| PRS | 0.1211 * (0.0626) |
−0.1282 (0.0965) |
−0.0002 (0.1956) |
−0.2467 (0.3664) |
−0.0536 (0.0813) |
−0.1356 (0.1016) |
0.1072 * (0.0639) |
−0.1372 (0.0969) |
0.1112 (0.1702) |
−0.1203 (0.3820) |
0.0332 (0.0808) |
−0.1298 (0.0997) |
| ER × IFDI | 0.0103 (0.0237) |
0.0007 (0.0253) |
−0.0577 (0.0488) |
−0.1074 * (0.0547) |
0.0490 * (0.0266) |
0.0457 (0.0288) |
||||||
| ER × OFDI | −0.0212 * (0.0259) |
−0.0468 * (0.0280) |
0.0324 (0.0547) |
−0.0128 (0.0585) |
−0.0697 ** (0.0295) |
−0.0756 ** (0.0315) |
||||||
| ADJ-R2 | 0.3503 | 0.9082 | 0.3803 | 0.8813 | 0.2803 | 0.9182 | 0.3349 | 0.9099 | 0.4688 | 0.8899 | 0.3013 | 0.9236 |
| F-statistic | 13.9406 | 46.4906 | 5.4345 | 24.6000 | 6.1745 | 46.3844 | 10.0143 | 44.1694 | 5.8840 | 22.8920 | 5.2231 | 44.9575 |
| Applicable model | FE | RE | RE | FE | FE | RE | ||||||
| Hausman test | 37.2936 *** | 11.1036 | \ | 37.9680 *** | 20.3976 ** | \ | ||||||
| Samples | 189 | 70 | 119 | 189 | 70 | 119 | ||||||
Note: The number in brackets in the table is the standard error in the coefficient estimation. ***, ** or * denotes significance at the level of 1%, 5% or 10%, respectively.