Table 4.

Threshold and linear model estimation.

Variable	Threshold Estimation	FE	SYS-GMM
lnagg*I(q≦γ1)	−2.2145***
	(−8.6486)
lnagg*I(γ1 < q≦γ2)	−3.4455***
	(−6.8035)
lnagg*I(q>γ2)	−1.9292***
	(−5.7364)
lnagg		−0.5807779**	−1.136857***
		(−2.15)	(−5.48)
lnfdi		0.1697648***	0.0605472***
		(11.05)	(9.59)
lntec	−0.8821***	−0.4590924***	−0.2184677***
	(−12.7169)	(−6.39)	(−5.55)
lnstr	−1.5079***	−0.1471305	−1.182222***
	(−7.7661)	(-0.64)	(−13.76)
lnreg	0.0168	0.0385123*	0.0009014
	(0.6836)	(1.76)	(0.09)
cons	0.119965	0.3791804	−0.0006207
	(−0.2)	(0.90)	(−0.00)

The t or Z statistics are in parentheses in the table. “^***”, “^**”, “^*” indicates significance levels of 1, 5, and 10% respectively. SYS-GMM is two-step.