Research Article
Effects of Economic Policy Uncertainty on Manufacturing Structural Upgrading: Evidence from China
Table 3
Results of panel quantile regression model.
| | Variables | (1) Q10 | (2) Q20 | (3) Q30 | (4) Q40 | (5) Q50 | (6) Q60 | (7) Q70 | (8) Q80 | (9) Q90 |
| | EPU | 0.336 (1.49) | −0.035 (−0.46) | 0.253 (2.11) | −0.038 (−1.62) | 0.020 (0.72) | 0.175 (19.31) | 0.055 (70.29) | 0.102 (2.51) | 0.262 (10.08) | | FDI | 1.439 (8.85) | 2.537 (9.50) | 2.127 (6.20) | 1.674 (13.84) | 1.925 (9.62) | 2.828 (21.24) | 2.592 (329.99) | 4.847 (6.38) | 4.329 (29.03) | | PGDP | −0.074 (−3.79) | −0.022 (−1.94) | −0.009 (−0.59) | 0.009 (0.98) | 0.012 (0.78) | 0.019 (8.63) | −0.009 (−150.02) | 0.008 (0.22) | 0.039 (10.82) | | OPEN | 1.012 (37.78) | 0.816 (24.87) | 0.854 (24.97) | 0.846 (29.82) | 0.738 (20.13) | 0.541 (42.27) | 0.514 (542.59) | 0.532 (3.81) | 0.341 (10.63) | | MARKET | 0.473 (8.99) | 0.477 (3.16) | 0.572 (5.86) | 0.539 (2.83) | 0.417 (2.85) | 0.447 (17.352) | 0.708 (275.61) | 0.499 (1.82) | −2.702 (−110.14) | | INNO | 2.532 (19.35) | 2.899 (10.95) | 2.912 (43.17) | 3.079 (145.04) | 3.059 (55.40) | 3.048 (215.60) | 3.166 (210.45) | 3.185 (6.65) | 2.258 (26.78) | | FISC | −0.843 (−1.86) | −0.441 (−1.03) | −0.166 (−0.46) | −0.121 (−0.29) | −1.171 (−5.17) | −1.529 (−40.85) | −1.550 (−230.00) | −0.882 (−1.45) | −4.552 (−38.84) | | Time | −0.073 (−2.44) | −0.027 (−13.30) | −0.052 (−3.24) | −0.026 (−4.82) | −0.031 (−9.80) | −0.032 (−70.94) | −0.032 (−210.25) | −0.014 (−2.53) | 0.003 (0.31) | | N | 660 | 660 | 660 | 660 | 660 | 660 | 660 | 660 | 660 |
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Notes: t values are reported in parentheses. , , and indicate significance at the 1%, 5%, and 10% levels, respectively. |
