Table 4.
Mechanism test (technical innovation).
| Variables | GVCPs | RD | GVCPs | GVCPs | GVCPs |
|---|---|---|---|---|---|
| (1) | (2) | (3) | (4) | (5) | |
| AI | 0.0047∗∗ (2.5067) | 0.0520∗∗∗ (4.4644) | 0.0057∗∗∗ (2.9772) | ||
| L.AI | 0.0063∗∗∗ (2.8060) | ||||
| AI_C | 0.0035∗∗∗ (2.7272) | ||||
| RD | −0.0187∗∗ (−2.4443) | −0.0199∗∗ (−2.4519) | −0.0132∗ (−1.7620) | ||
| Control variables | Yes | Yes | Yes | Yes | Yes |
| Constants | 0.6436∗∗∗ (5.3180) | 0.4041 (0.5254) | 0.6511∗∗∗ (5.4094) | 0.5419∗∗∗ (4.2217) | 0.6319∗∗∗ (5.2346) |
| Individual fixed effect | Yes | Yes | Yes | Yes | Yes |
| Time fixed effect | Yes | Yes | Yes | Yes | Yes |
| R-squared | 0.9560 | 0.9814 | 0.9566 | 0.9636 | 0.9565 |
| N | 504 | 504 | 504 | 448 | 504 |
Robust t-statistics in parentheses, ∗∗∗p < 0.01, ∗∗p < 0.05, ∗p < 0.1.