Table 7.
Estimation results of the robustness test
| Variable | ED as the explanatory variable | and as matrices | ||
|---|---|---|---|---|
| (1) | (2) | (3) | (4) | |
| SYS-GMM | SDM | Wc | We | |
| L.GTFP | 0.8054*** (4.221) | 0.7756*** (3.521) | 0.8788*** (3.756) | 0.8123*** (3.625) |
| lnPJ | − 0.2546*** (− 40.74) | − 0.7885** (− 2.75) | − 0.8254*** (− 3.14) | − 0.9182***(− 3.58) |
| W*lnPJ | − 1.7818** (− 0.61) | − 6.5222** (− 1.38) | − 1.3646**(− 1.98) | |
| Control | Yes | Yes | Yes | Yes |
| Time-fixed | Yes | Yes | Yes | Yes |
| City-Fixed | Yes | Yes | Yes | Yes |
| AR(1)/AR(2) | [0.000]/[0.5312] | |||
| Hansen | [0.999] | |||
| ρ | 0.8403** (24.15) | 0.1745*** (43.29) | 0.158*** (43.73) | |
| R2 | 0.4235 | 0.262 | 0.39 | |
Z-values are in () and P-values are in []
**Significance at 5% level and ***Significance at 1% level