| RD | |
Total R & D expenditure | Corporate self-raised R & D funds | |
RDt−1 | 0.218** | 0.261*** |
| (0.107) | (0.0916) |
GOV | 2.026*** | 0.711 |
| (0.493) | (0.629) |
INST | −0.520*** | -0.519*** |
| (0.123) | (0.0895) |
HED | 1.957*** | 2.206*** |
| (0.644) | (0.450) |
IPR | 0.830** | 0.708** |
| (0.410) | (0.349) |
K | 0.0991*** | 0.0899*** |
| (0.0242) | (0.0197) |
FDI | 0.756*** | 0.761** |
| (0.226) | (0.310) |
OTHER | 5.710*** | 4.454*** |
| (0.869) | (0.692) |
REVENUE | 0.255*** | 0.262*** |
| (0.0131) | (0.0140) |
Constant | −391,297*** | −395,553*** |
| (85,402) | (83,023) |
AR (1) | 0.0651 | 0.0907 |
AR (2) | 0.2814 | 0.3996 |
Sargan test | 0.1190 | 0.1001 |