Market Integration and Regional Innovation in China: Evidence from the Yangtze River Delta Region

Table 5

Static test of the impact of MI on RI.

	Pool OLS
	Model 1	Model 2	Model 3	Model 4	Model 5	Model 6	Model 7
lnMI	1.061	0.777	0.559	0.465	0.554	0.732	0.653
	(0.227)	(0.180)	(0.163)	(0.154)	(0.153)	(0.137)	(0.123)
lnGOV		1.269	1.057	0.804	0.663	0.280	0.339
		(0.099)	(0.091)	(0.096)	(0.102)	(0.100)	(0.091)
lnPTI			1.740	0.360	0.486	-0.086	-0.076
			(0.207)	(0.306)	(0.302)	(0.275)	(0.247)
lnINT				0.428	0.465	0.400	0.442
				(0.073)	(0.072)	(0.064)	(0.058)
lnFDI					0.202	0.128	0.162
					(0.056)	(0.050)	(0.046)
lnGDP						0.924	0.971
						(0.106)	(0.095)
lnTR							0.613
							(0.077)
Cons	−9.349	−9.926	−15.435	−11.583	−12.548	−20.124	−21.415
	(0.806)	(0.637)	(0.868)	(1.051)	(1.064)	(1.281)	(1.165)
R^2	0.075	0.427	0.546	0.598	0.616	0.702	0.759
Panel FE
lnMI	1.421	1.107	0.774	0.419	0.492	0.432	0.422
	(0.142)	(0.137)	(0.137)	(0.141)	(0.147)	(0.140)	(0.142)
lnGOV		1.140	0.831	0.423	0.398	0.289	0.301
		(0.161)	(0.157)	(0.161)	(0.162)	(0.155)	(0.156)
lnPTI			1.874	0.550	0.676	0.984	1.051
			(0.297)	(0.354)	(0.361)	(0.348)	(0.370)
lnINT				0.671	0.664	0.530	0.536
				(0.111)	(0.111)	(0.108)	(0.109)
lnFDI					0.147	0.172	0.174
					(0.090)	(0.085)	(0.085)
lnGDP						1.289	1.316
						(0.248)	(0.253)
lnTR							−0.137
							(0.254)
Cons	−10.620	−10.932	−16.418	−12.779	−12.902	−26.977	−27.021
	(0.503)	(0.461)	(0.971)	(1.089)	(1.088)	(2.833)	(2.900)
R^2	0.075	0.417	0.535	0.561	0.586	0.677	0.658

Notes: standard errors of coefficients are reported in parentheses; , , and indicate that the coefficients are statistically significant at 10%, 5%, and 1% levels, respectively.