RD

Total R & D expenditure

Corporate self-raised R & D funds

RD_t−1

0.338***

0.347***

(0.0648)

(0.0663)

GOV

0.456

−0.512*

(0.290)

(0.284)

INST

−0.504***

−0.475***

(0.0649)

(0.0488)

HED

2.258***

2.288***

(0.241)

(0.216)

IPR

0.842***

0.837***

(0.191)

(0.137)

K

0.0721***

0.0715***

(0.0155)

(0.0143)

FDI

0.586***

0.601***

(0.0969)

(0.158)

OTHER

6.265***

5.206***

(0.596)

(0.797)

REVENUE

0.256***

0.262***

(0.00607)

(0.00687)

Constant

−377,592***

−401,567***

(68,845)

(96,987)

AR (1)

0.3125

0.1981

AR (2)

0.8144

0.8892

Sargan test

0.4063

0.3954