Research Article
The Influence of Outward Foreign Direct Investment on Enterprise Technological Innovation
Table 5
Test results based on the lag effect of the commercial service and production and sales OFDI.
| | | Commercial service OFDI | Production and sales OFDI | | (1) 1 year lag | (2) 2 years lag | (3) 3 years lag | (4) 1 year lag | (5) 2 years lag | (6) 3 years lag |
| | 0.253 (4.31) | 0.302 (4.74) | 0.202 (4.17) | −0.175 (−2.03) | −0.132 (−1.88) | 0.154 (2.90) | | −0.053 (−1.22) | −0.062 (−1.47) | −0.087 (−1.95) | −0.257 (−1.93) | −0.288 (−2.37) | −0.291 (−2.88) | | 0.054 (0.73) | 0.066 (0.89) | 0.017 (0.25) | 0.409 (11.67) | 0.438 (12.99) | 0.423 (12.30) | | Constant term | 3.006 (6.93) | 3.174 (6.80) | 3.282 (7.15) | 3.659 (7.22) | 3.472 (7.30) | 3.110 (6.54) | | Enterprise characteristic variables | Yes | Yes | Yes | Yes | Yes | Yes | | YE | Yes | Yes | Yes | Yes | Yes | Yes | | RE | Yes | Yes | Yes | Yes | Yes | Yes | | IE | Yes | Yes | Yes | Yes | Yes | Yes | | Observations | 2703 | 1891 | 2084 | 2502 | 3138 | 1905 | | Adjusted | 0.664 | 0.683 | 0.657 | 0.612 | 0.690 | 0.637 | | value | 90.47 | 92.36 | 71.99 | 66.02 | 67.31 | 54.33 |
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Note. , , and represent significant at the levels of 1%, 5%, and 10%, respectively. |
