| Explanatory variables | Explained variable (lnSpec) |
| lnSpec | 0.402*** (3.54) |
| lnroad | 0.020** (2.2) |
| lntfp | −0.062*** (−3.26) |
| lnwage | 0.096*** (3.60) |
| lnopen | 0.004*** (2.72) |
| lnreform | 0.073** (2.07) |
| lnk | −0.053** (−2.25) |
| lnmarket | −0.050** (2.07) |
| _cons | 0.087 (0.79) |
| Abond test AR(1) | −0.42291 [0.6742] |
| Abond test AR(2) | −0.38124 [0.7030] |
| Sargan test | 7.0362 [0.9726] |