Table 8 Results of the first three-stage mediating effect test.
 | (1) | (2) | (3) | (4) | (5) |
---|---|---|---|---|---|
gtfp | gtc | gtfp | gec | gtfp | |
ide | 2.467*** | 4.370*** | 0.011 |  − 0.875 | 2.853*** |
(0.608) | (0.467) | (0.652) | (0.574) | (0.557) | |
gtc | Â | Â | 0.562*** | Â | Â |
 |  | (0.081) |  |  | |
gec | Â | Â | Â | Â | 0.441*** |
 |  |  |  | (0.066) | |
lva | 0.746*** |  − 0.034 | 0.723*** | 0.765*** | 0.427* |
(0.259) | (0.199) | (0.244) | (0.234) | (0.241) | |
lrd | 0.370** | 0.409*** |  − 0.039 | 0.141 | 0.388*** |
(0.161) | (0.124) | (0.152) | (0.149) | (0.146) | |
llab |  − 0.509*** |  − 0.119 |  − 0.334* |  − 0.442*** |  − 0.362** |
(0.184) | (0.141) | (0.174) | (0.167) | (0.169) | |
lptf | 0.144*** | 0.152*** |  − 0.000 | 0.059 | 0.144*** |
(0.044) | (0.034) | (0.041) | (0.041) | (0.040) | |
market |  − 1.107 |  − 0.787 |  − 0.053 |  − 0.664 |  − 1.084 |
(1.134) | (0.872) | (1.071) | (1.027) | (1.033) | |
open | 0.658 | 0.270 | 0.427 | 0.507 | 0.470 |
(0.509) | (0.391) | (0.481) | (0.460) | (0.465) | |
_cons |  − 4.876*** |  − 2.014 |  − 3.743** |  − 2.086 |  − 3.956** |
 | (1.670) | (1.285) | (1.519) | (1.578) | (1.528) |
N | 253 | 253 | 253 | 253 | 253 |
R2 | 0.724 | 0.769 | 0.776 | 0.317 | 0.772 |
Id FE | Yes | Yes | Yes | Yes | Yes |
Year FE | Yes | Yes | Yes | Yes | Yes |