Variables

State-owned

Private

Foreign

Lag 1

0.9618***

(0.0329)

0.9800***

(0.0647)

0.6823***

(0.0821)

Lag 2

−0.1672***

(0.0613)

0.0503

(0.0671)

0.2626***

(0.0465)

Lag 3

0.1731***

(0.0436)

−0.1085**

(0.0543)

−0.1748*

(0.0957)

ERC

0.0370***

(0.0075)

0.0557***

(0.0061)

−0.0551***

(0.0161)

PGDP

−0.8557***

(0.0935)

0.2766***

(0.0959)

0.7308***

(0.1944)

Wage

0.4431***

(0.0992)

−0.1333

(0.1199)

−0.7019***

(0.1305)

Urban

1.1234***

(0.3042)

−0.6805***

(0.2535)

−0.0586

(0.295)

Sargan test

26.4383

(1.00)

26.8706

(1.00)

21.4642

(1.00)

AR(1)

−2.9749

(0.0029)

−3.17

(0.0015)

−2.4688

(0.0136)

AR(2)

0.2791

(0.7802)

-1.5565

(0.1196)

0.1235

(0.9017)

Observations

232

232

232