RD

Total R & D expenditure

Corporate self-raised R & D funds

RD_t−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