Table 16.
Interaction effect model estimation results.
| Explained variable: EI (GMM) | (1) | (2) | (3) | (4) |
|---|---|---|---|---|
| L.EI | 0.8528∗∗∗ | 0.8564∗∗∗ | 0.8721∗∗∗ | 0.8765∗∗∗ |
| [0.0010] | [0.0009] | [0.0008] | [0.0006] | |
| cyjg | -0.0688∗∗∗ | -0.0520∗∗∗ | -0.0898∗∗∗ | -0.0469∗∗∗ |
| [0.0049] | [0.0024] | [0.0030] | [0.0014] | |
| FD | -0.1391∗∗∗ | |||
| [0.0030] | ||||
| cyjg×FD | -0.2260∗∗∗ | |||
| [0.0287] | ||||
| FI | -0.1079∗∗∗ | |||
| [0.0028] | ||||
| cyjg×FI | -0.0843∗∗∗ | |||
| [0.0169] | ||||
| FM | -0.0750∗∗∗ | |||
| [0.0031] | ||||
| cyjg×FM | -0.2935∗∗∗ | |||
| [0.0236] | ||||
| dctps | -0.0357∗∗∗ | |||
| [0.0006] | ||||
| cyjg×dctps | -0.0795∗∗∗ | |||
| [0.0096] | ||||
| _cons | 0.0549∗∗∗ | 0.0499∗∗∗ | 0.0513∗∗∗ | 0.0315∗∗∗ |
| [0.0019] | [0.0011] | [0.0010] | [0.0004] | |
| Control variables | YES | YES | YES | YES |
| Observations | 1369 | 1369 | 1369 | 1349 |
| NO of country | 67 | 67 | 67 | 67 |
| NO of IVs | 73 | 73 | 73 | 73 |
| AR (2) test (p-value) | 0.4552 | 0.4487 | 0.4748 | 0.3613 |
| Sargan test (p-value) | 0.4452 | 0.4320 | 0.3812 | 0.4306 |
Standard errors in brackets, ∗∗∗ 1% ∗∗ 5% ∗ 10%, ∗p < 0.1, ∗∗p < 0.05, ∗∗∗p < 0.01.