China’s Outward Foreign Direct Investment and Bilateral Trade Potential: A Theoretical and Empirical Study

Table 5

Heterogeneity test of maritime and land silk road countries.

Variables	Maritime silk road countries			Land silk road countries
	(1)	(2)	(3)	(4)	(5)	(6)
lnOFDI	0.012 (0.002)	0.013 (0.002)	0.017 (0.005)	0.015 (0.003)	0.017 (0.003)	0.017 (0.005)
Control variables	Yes	Yes	Yes	Yes	Yes	Yes
Time effects	Yes	Yes	Yes	Yes	Yes	Yes
Individual effects	Yes	Yes	Yes	Yes	Yes	Yes
Obs.	304	304	304	541	541	541
R^2	0.768	0.651	0.755	0.484	0.372	0.523

Note. , , and mean that the variables are significant at 1%, 5%, and 10% level, respectively; standard deviations are shown in parentheses.