TABLE 5.

Regression results of interaction effects.

Variable	Model 4		Model 5		Model 6
	SYS-GMM	DIF-GMM	SYS-GMM	DIF-GMM	SYS-GMM	DIF-GMM
lngcreateit–1	0.802***	0.400***	0.790***	0.444***	0.795***	0.576***
	(76.64)	(5.46)	(50.57)	(7.42)	(16.29)	(35.70)
lnrdp	0.328***	2.242***	0.349***	2.013***	0.361***	1.107***
	(14.81)	(11.48)	(19.66)	(12.44)	(5.44)	(47.65)
lnrd	18.438**	−59.742	16.267***	−69.096*	88.804*	1.426
	(2.17)	(−1.43)	(2.73)	(−1.93)	(1.95)	(0.24)
lnhum	−1.075***	−5.205***	−1.285***	−4.263***	−0.055	−3.712***
	(−5.71)	(−5.31)	(−7.12)	(−5.50)	(−0.13)	(−10.89)
lnind	−18.313**	59.545	−16.045***	68.620*	−88.700*	−2.003
	(−2.16)	(1.42)	(−2.70)	(1.90)	(−1.95)	(−0.34)
lnfdi	0.084***	0.130***
	(3.79)	(1.88)
inst×lnfdi	0.089***	0.290***
	(3.27)	(3.62)
lnofdi			0.133***	0.138***
			(3.07)	(2.00)
inst×lnofdi			0.164***	0.141*
			(4.20)	(1.89)
lntrade					0.082***	0.466***
					(2.03)	(2.37)
inst×lntrade					0.198**	0.292***
					(2.39)	(11.26)
_cons	3.464***		4.016***		1.349*
	(9.78)		(11.65)		(1.86)
AR(2)	1.45	0.01	1.60	0.19	−0.27	0.96
	[0.147]	[0.992]	[0.11]	[0.848]	[0.788]	[0.338]
Hansen Test	29.45	19.49	27.57	23.33	27.7	3.77
	[0.928]	[0.301]	[0.981]	[0.273]	[0.426]	[0.438]
Wald Test	118312.07***	997.17***	59061.49***	1980.62***	16983.97***	26723.52***
Obs	270	240	270	240	270	240

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