| Model Variable | Manufacturing sample | |
| model (1) | model (2) | |
| ER | −0.6940298*** (−3.98) | −0.7538156*** (−3.26) |
| lnIMI | 0.13249** (2.66) | 0.0448973 (0.68) |
| lnTp | 0.0601193** (2.44) | 0.0788088** (2.41) |
| C | 12.89129*** (43.72) | 7.584816*** (19.38) |
| R2 | 0.1934 | 0.4714 |
| F | 16.40 | 8.54 |
| Applicable mode | FE | FE |
| Sample size | 270 | 270 |