TABLE 4.

Direct effect estimation results.

Variable	Model 1		Model 2		Model 3
	SYS-GMM	DIF-GMM	SYS-GMM	DIF-GMM	SYS-GMM	DIF-GMM
lngcreateit–1	0.708***	0.320***	0.559***	0.681***	0.883***	0.767***
	(76.23)	(2.63)	(11.21)	(34.61)	(69.96)	(11.18)
lnrdp	0.366***	2.544***	0.686***	0.675***	0.234***	0.764***
	(12.36)	(7.93)	(8.31)	(28.82)	(5.72)	(4.46)
lnrd	9.761***	−14.131*	40.055	−0.445***	21.749***	4.431
	(2.91)	(−1.84)	(1.45)	(−2.70)	(4.20)	(1.56)
lnhum	0.093	−4.526***	−0.635	−2.171***	−0.556***	−1.581**
	(0.53)	(−3.41)	(−1.22)	(−6.56)	(−4.42)	(−2.41)
lnind	−9.529***	15.923*	−39.937	−0.445***	−21.726***	−6.098*
	(−2.86)	(1.95)	(−1.44)	(−2.70)	(−4.20)	(−1.89)
lnfdi	0.212***	0.383***
	(15.89)	(2.63)
lnofdi			0.157***	0.121***
			(7.28)	(9.25)
lntrade					0.039***	0.001
					(6.18)	(0.02)
_cons	0.934***		3.609***		2.048***
	(2.62)		(3.72)		(8.85)
AR(2)	1.54	1.14	−0.32	1.25	1.21	−1.36
	[0.123]	[0.255]	[0.752]	[0.211]	[0.228]	[0.173]
Hansen Test	29.36	13.69	25.3	25.84	27.71	22.55
	[0.966]	[0.396]	[0.151]	[0.309]	[0.149]	[0.126]
Wald Test	128516.67***	353.93***	6234.02***	709949.2***	104446.29***	5849.14***
Obs	270	240	270	240	270	240

[] Denotes the corresponding Z value and () represents the corresponding value of p. *p value < 0.10, **p value < 0.05, ***p value < 0.01.