The Influence of Outward Foreign Direct Investment on Enterprise Technological Innovation

Table 8

Test results based on the lag effect of the investment host country.

	Invest in high-income countries			Invest in low-income countries
	(1) 1 year lag	(2) 2 years lag	(3) 3 years lag	(4) 1 year lag	(5) 2 years lag	(6) 3 years lag
	0.216 (4.63)	0.247 (5.70)	0.284 (5.96)	0.204 (4.14)	0.296 (5.88)	0.215 (5.23)
	−0.142 (2.63)	−0.115 (2.34)	−0.162 (2.74)	−0.098 (2.05)	−0.091 (1.95)	−0.093 (1.99)
	0.351 (6.07)	0.509 (9.68)	0.477 (8.31)	0.237 (1.34)	0.280 (1.94)	0.572 (10.66)
Constant term	6.172 (17.61)	6.064 (18.56)	6.162 (20.55)	6.037 (15.91)	6.447 (23.85)	6.503 (22.79)
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	3965	3657	3091	3415	3292	2976
Adjusted	0.673	0.652	0.661	0.687	0.690	0.679
F-value	89.33	86.52	80.61	71.32	70.56	69.83

Note. , , and represent significant at the levels of 1%, 5%, and 10%, respectively.