Table 2.
Regression results of the benchmark.
| Variables | GVCPs | ||
|---|---|---|---|
| (1) | (2) | (3) | |
| AI | 0.0048∗∗∗ (2.5838) | 0.0037∗∗ (2.1206) | 0.0047∗∗ (2.5067) |
| HC | 0.0364∗∗∗ (2.8733) | 0.0390∗∗∗ (2.8737) | |
| IPP | 0.0291∗ (1.8274) | 0.0243 (1.1345) | |
| Infra | −0.0191 (−0.8994) | 0.0143 (0.4831) | |
| GDPP | 0.0056 (0.5167) | 0.0142 (1.1622) | |
| FDI | 0.0001 (0.0846) | −0.0001 (−0.2666) | |
| Constants | 1.0010∗∗∗ (360.3240) | 0.7850∗∗∗ (7.5368) | 0.6436∗∗∗ (5.3180) |
| Individual fixed effect | Yes | Yes | Yes |
| Time fixed effect | Yes | No | Yes |
| R-squared | 0.9447 | 0.9553 | 0.9560 |
| N | 504 | 504 | 504 |
Robust t-statistics in parentheses, ∗∗∗p < 0.01, ∗∗p < 0.05, ∗p < 0.1.