Table 4.

Results of model 1 to 9 testing.

Variables	Model (1)lnGS	Model (2) DFC	Model (3) EDI	Model (4) lnGS	Model (5) DFC	Model (6)lnDY	Model (7) lnDY	Model (8) EFC	Model (9) lnIY
C	−2.28	0.03	0.83	−0.76	0.02	−11.22∗∗∗	−12.65∗∗∗	2.00∗∗∗	6.67∗∗∗
R&D Dummy			3.60∗∗∗	2.40	−0.03∗∗∗	2.53
R&D	0.27∗∗∗	−68 × 20⁻⁴∗					0.25∗	−6.56 × 20⁻⁵	0.03
Post COVID	0.83∗∗∗	8.53 × 20⁻⁴	0.53∗∗	0.88∗∗∗	5.85 × 20⁻⁴	3.20∗∗∗	2.89∗∗∗	−2.34 × 20⁻³	0.58∗∗∗
Natural recourses	3.05∗	0.04∗∗∗	3.44∗∗	3.48∗∗	0.04∗∗∗	−3.07	−3.65	0.05∗∗∗	0.84∗∗
KZ	−0.87	−4.26 × 20⁻³	−0.57	−0.82	−3.35 × 20⁻³	−0.33	−0.24	0.02∗∗	−0.06
WW	3.73∗∗∗	−0.02∗∗∗	2.88∗∗	4.23∗∗∗	−0.03∗∗∗	−2.02	−2.00	5.32 × 20⁻⁴	0.38
ROA	−0.84∗	0.02∗∗	−0.46	−2.02∗	0.02∗∗	2.88∗∗	2.93∗∗∗	3.33 × 20⁴³	0.20
ROE	0.30	0.25	0.22	0.27	0.27	0.22	0.40	0.07	0.32

Note: in parentheses ***p < 0.01, **p < 0.05, *p < 0.1.