ip

(1) replace variable

(2) FE

(3) system GMM

er

−0.214***

(0.043)

−0.246**

(0.093)

−0.156**

(0.072)

rii

−0.017***

(0.004)

−0.019***

(0.006)

−0.002

(0.002)

er*rii

0.104***

(0.021)

0.120**

(0.046)

0.075**

(0.032)

Control variables

control

control

control

Time

control

control

control

Product

control

control

control

AR(1) p value

0.020

AR(2) p value

0.178

Sargan p value

0.437