Research Article
China’s Outward Foreign Direct Investment and Bilateral Trade Potential: A Theoretical and Empirical Study
Table 3
Benchmark regression results.
| Variables | CTP | CEP | CIP | (1) | (2) | (3) | (4) | (5) | (6) |
| lnOFDI | 0.012 (0.001) | 0.011 (0.001) | 0.011 (0.001) | 0.012 (0.001) | 0.0189 (0.002) | 0.0136 (0.002) | lnGDP | | −0.011 (0.001) | | −0.011 (0.001) | | −0.008 (0.003) | lnRGDP | | −0.029 (0.002) | | −0.022 (0.002) | | −0.038 (0.005) | lnRDIS | | 0.017 (0.005) | | 0.028 (0.006) | | −0.006 (0.012) | lnTRA | | 0.045 (0.003) | | 0.036 (0.004) | | 0.091 (0.006) | lnRES | | 0.002 (0.001) | | −0.005 (0.001) | | 0.020 (0.001) | lnUPR | | 0.063 (0.006) | | 0.029 (0.007) | | 0.200 (0.013) | lnICT | | 0.009 (0.003) | | 0.0118 (0.004) | | −0.019 (0.008) | lnIST | | 0.301 (0.020) | | 0.237 (0.022) | | 0.174 (0.041) | Constant term | −0.117 (0.012) | −1.597 (0.106) | −0.108 (0.012) | −1.319 (0.115) | −0.189 (0.027) | −1.453 (0.214) | Time effects | Yes | Yes | Yes | Yes | Yes | Yes | Individual effects | Yes | Yes | Yes | Yes | Yes | Yes | Obs. | 896 | 896 | 896 | 896 | 896 | 896 | R2 | 0.233 | 0.684 | 0.196 | 0.529 | 0.158 | 0.630 |
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Note. , , and mean that the variables are significant at the 1%, 5%, and 10% level, respectively; standard deviations are shown in parentheses. |