Table 10. The results of the moderating effect of GVC participation on the impact (2).
| (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) | (9) | |
|---|---|---|---|---|---|---|---|---|---|
| Overall servitization | Domestic servitization | Foreign servitization | |||||||
| Variables | 25% | 50% | 75% | 25% | 50% | 75% | 25% | 50% | 75% |
| SR*GVCP | -12.491 | 11.314* | 15.942*** | 9.631 | 23.345*** | 19.156*** | 10.909*** | 16.748*** | 12.884*** |
| (7.63) | (6.05) | (6.11) | (8.99) | (5.99) | (4.71) | (3.60) | (2.80) | (2.17) | |
| SRSQ*GVCP | 71.770*** | -4.006 | -26.061 | -15.278 | -50.950*** | -43.200*** | -9.643* | -16.614*** | -12.597*** |
| (18.64) | (15.19) | (17.92) | (26.00) | (17.25) | (14.71) | (5.76) | (4.02) | (3.30) | |
| Intercept | 3.127 | 6.991*** | 8.318*** | 3.057 | 6.980*** | 8.386*** | 2.805 | 6.777*** | 8.242*** |
| (3.03) | (1.71) | (1.38) | (3.02) | (1.71) | (1.40) | (3.02) | (1.71) | (1.37) | |
| Control variables | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Industry fixed effect | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Province fixed effect | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Year fixed effect | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| U-shaped test t value | 0.553 | ||||||||
| P value | 0.290 | ||||||||
| F statistics | 334.2 | 441.0 | 323.5 | 273.2 | 451.4 | 389.1 | 294.7 | 461.9 | 398.7 |
| Adjusted R-squared | 0.140 | 0.130 | 0.124 | 0.140 | 0.130 | 0.124 | 0.140 | 0.130 | 0.124 |
| Observation | 203663 | 432511 | 614163 | 203663 | 432511 | 614163 | 203663 | 432511 | 614163 |
Note: *, ** and ** is statistically significant at 10%, 5% and 1%, respectively. The models controlled for industry, province and year fixed effects. The robust standard errors of clustering at city level are presented in parentheses. F statistic indicates that the model has joint significance. In results of U-shaped test, extremums are outside interval in all columns except column (1), so the test is fail to reject the null hypothesis that the impact is monotone.