Table 5.
Technology innovation model.
| Technology Innovation Model | ||||
|---|---|---|---|---|
| Variables | LFT Model | LMC Model | LFB Model | All |
| LFT | 0.502 * (0.00) | - | - | 0.534 * (0.00) |
| LMC | - | −0.1835 (0.519) | - | −0.079 * (0.00) |
| LFB | - | - | 0.084 *** (0.09) | 0.056 ** (0.04) |
| LG | −6.442 * (0.004) | −7.587 * (0.00) | −6.636 * (0.00) | −6.860 * (0.00) |
| LG2 | 0.110 * (0.006) | 0.134 * (0.00) | 0.1152 * (0.00) | 0.118 * (0.00) |
| TRO | 1.057 * (0.00) | 1.555 * (0.00) | 1.293 * (0.00) | 1.166 * (0.00) |
| Constant | 90.178 * (0.00) | 102.465 * (0.00) | 91.930 * (0.00) | 95.283 * (0.00) |
| R2 | 0.7838 | 0.5492 | 0.5818 | 0.8379 |
| RMSE | 0.4401 | 0.6354 | 0.6120 | 0.3838 |
| F-Stats | 149.57 (0.00) | 154.87 (0.00) | 200.95 (0.00) | 72.67 (0.00) |
| BRICS | 5 | 5 | 5 | 5 |
| Observation | 145 | 145 | 145 | 145 |
| Newey–West standard error method | ||||
| LFT | 0.502 * (0.00) | - | - | 0.534 * (0.00) |
| LMC | - | −0.0183 (0.375) | - | −0.079 * (0.00) |
| LFB | - | - | 0.084 * (0.003) | 0.056 * (0.001) |
| LG | −6.44 * (0.00) | −7.587 * (0.00) | −6.636 * (0.001) | −6.86 * (0.00) |
| LG2 | 0.110 * (0.00) | 0.134 * (0.00) | 0.115 * (0.001) | 0.118 * (0.00) |
| TRO | 1.057 * (0.00) | 1.555 * (0.00) | 1.293 * (0.00) | 1.166 * (0.00) |
| Constant | 90.17 * (0.00) | 102.46 * (0.00) | 91.93 * (0.001) | 95.28 * (0.00) |
| F-Stats | 192.59 (0.00) | 117.89 (0.00) | 92.61(0.00) | 146.46 (0.00) |
| BRICS | 5 | 5 | 5 | 5 |
| Observation | 145 | 145 | 145 | 145 |
Note: () indicates the probability values; *,**, and *** shows the 1, 5, and 10% level of significance, respectively.