Model 1

Model 2

Estimation method

Diff-GMM

Sys-GMM

Diff-GMM

Sys-GMM

L. w

$\ln trade$

$\ln export$

$\ln import$

$\ln tech$

k

rc

firm

mr

cons

−0.0193

(−1.120)

−0.233***

(−4.652)

−0.398***

(−9.636)

−0.757***

(−5.989)

0.263

(1.071)

0.612***

(3.377)

−0.0373

(−0.234)

9.829***

(16.67)

0.423***

(15.38)

−0.203***

(−6.578)

−0.0915***

(−4.054)

−0.993***

(−4.346)

1.768***

(5.083)

1.210***

(5.330)

−0.763***

(−3.096)

5.580***

(11.32)

−0.0308

(−1.582)

−0.142***

(−4.363)

−0.0411

(−0.996)

−0.432***

(−9.555)

−0.588**

(−2.502)

0.0641

(0.339)

0.502**

(2.299)

−0.137

(−1.628)

9.189***

(14.26)

0.222***

(8.145)

−0.205***

(−3.857)

0.250***

(5.754)

−0.397***

(−10.00)

−0.966***

(−4.461)

0.965***

(3.551)

1.603***

(15.15)

−1.233***

(−2.812)

4.880***

(9.542)

AR (1)

AR (2)

Sargan test

Observed value

0.0181 0.0029 0.0179 0.0036

0.2010 0.9638 0.1694 0.5233

0.6655 0.9490 0.6028 0.9409

260 286 260 286