Labor-intensive

Capital-intensive

Estimation method

Diff-GMM

Sys-GMM

Diff-GMM

Sys-GMM

L. w

$\ln export$

$\ln import$

$\ln tech$

k

rc

firm

mr

cons

0.643

(1.326)

−0.312

(−1.630)

−0.828

(−1.496)

0.902

(1.000)

−2.265

(−1.449)

−13.96

(−1.129)

−13.10

(−1.233)

7.479*

(1.673)

15.95***

(2.721)

0.898***

(3.122)

−0.542**

(−2.135)

−2.524**

(−2.559)

1.574**

(2.157)

−2.787**

(−2.566)

−5.383**

(−2.441)

−9.084***

(−2.646)

4.239

(1.470)

34.56***

(3.190)

0.0921

(0.966)

−0.0628

(−0.587)

−0.0701

(−1.146)

−0.350***

(−3.011)

0.176

(0.258)

−0.0258

(−0.0481)

0.106

(0.0911)

0.322

(0.611)

7.428***

(3.445)

−0.0197

(−0.261)

−0.0414

(−0.344)

0.0632

(0.549)

−0.226**

(−2.192)

1.227*

(1.840)

0.693

(0.766)

2.476***

(3.163)

−0.0605

(−0.104)

2.651*

(1.657)

AR (1)

AR (2)

Sargan test

Observed value

0.005 0.085 0.0304 0.0241

0.773 0.230 0.2326 0.8586

0.9996 1.0000 0.9958 1.0000

120 132 140 154