Table 3: Weighted systems GMM production function long-run estimates a, UK 1996-2004 (Eq. 5)
|
Industries: Independent variables--.^ |
_______AGF______ |
_______FBT_______ |
_______TCL_____ |
______WPP______ | ||||
|
β |
t- stat |
β |
t- stat |
β |
t- stat |
β |
t- stat | |
|
ln gross outputt-1 |
0.191 |
1.84 |
0.062 |
0.74 |
0.230 |
2.69 |
0.159 |
1.46 |
|
ln M x EXP_always |
1.010 |
4.13 |
0.686 |
4.36 |
0.848 |
6.90 |
0.803 |
4.01 |
|
ln M x EXP_never |
0.423 |
5.15 |
0.696 |
21.05 |
0.433 |
18.71 |
0.606 |
5.03 |
|
ln M x EXP_entry |
0.939 |
4.48 |
0.675 |
5.57 |
0.841 |
7.79 |
0.519 |
3.22 |
|
ln M x EXP_exit |
0.523 |
1.98 |
0.874 |
12.77 |
0.635 |
8.75 |
0.539 |
3.31 |
|
ln M x EXP_both |
1.142 |
1.94 |
0.553 |
7.92 |
0.804 |
7.27 |
0.488 |
3.65 |
|
ln K x EXP_always |
0.102 |
2.14 |
0.113 |
3.32 |
0.119 |
2.41 |
0.151 |
2.61 |
|
ln K x EXP_never |
0.155 |
2.52 |
0.170 |
4.01 |
0.179 |
3.03 |
0.245 |
2.78 |
|
ln K x EXP_entry |
0.048 |
1.89 |
0.066 |
2.62 |
0.161 |
2.40 |
0.225 |
2.37 |
|
ln K x EXP_exit |
0.420 |
1.90 |
0.112 |
1.89 |
0.142 |
2.36 |
0.269 |
2.14 |
|
ln K x EXP_both |
0.106 |
1.06 |
0.272 |
3.96 |
0.144 |
1.83 |
0.248 |
2.74 |
|
ln E x EXP_always |
0.049 |
2.87 |
0.268 |
2.55 |
0.160 |
2.23 |
0.148 |
3.06 |
|
ln E x EXP_never |
0.200 |
3.00 |
0.216 |
4.53 |
0.189 |
2.64 |
0.296 |
3.54 |
|
ln E x EXP_entry |
0.089 |
2.03 |
0.475 |
4.20 |
0.074 |
2.28 |
0.338 |
3.63 |
|
ln E x EXP_exit |
0.150 |
2.77 |
0.130 |
4.92 |
0.190 |
2.67 |
0.218 |
1.93 |
|
ln E x EXP_both |
0.188 |
2.98 |
0.207 |
3.10 |
0.095 |
1.92 |
0.296 |
2.95 |
|
t x EXP_both |
0.134 |
3.07 |
0.039 |
2.20 |
0.004 |
0.25 |
0.030 |
1.56 |
|
t x EXP_never |
0.016 |
1.54 |
0.006 |
1.08 |
0.004 |
0.18 |
0.004 |
0.53 |
|
t x EXP_entry |
0.023 |
0.61 |
-0.014 |
-1.33 |
-0.023 |
-0.96 |
0.004 |
0.20 |
|
t x EXP_exit |
0.013 |
0.12 |
0.026 |
1.17 |
0.039 |
0.61 |
0.025 |
1.15 |
|
t x EXP_always |
-0.005 |
-0.38 |
0.006 |
1.12 |
-0.003 |
-0.44 |
-0.021 |
-1.08 |
|
EXP_entry t+1 |
0.061 |
0.99 |
-0.013 |
-0.15 |
0.066 |
0.32 |
0.678 |
1.87 |
|
EXP_entry t |
-0.012 |
-0.16 |
0.117 |
2.31 |
0.173 |
0.81 |
-0.228 |
-0.52 |
|
EXP_entry t-1 |
-0.066 |
-0.71 |
-0.019 |
-0.28 |
-0.094 |
-1.13 |
-0.238 |
-1.99 |
|
EXP_exit t+1 |
0.084 |
0.67 |
-0.126 |
-1.83 |
-0.284 |
-1.83 |
0.107 |
0.38 |
|
EXP_exit t |
0.133 |
0.45 |
-0.054 |
-0.62 |
-0.072 |
-0.44 |
0.118 |
0.88 |
|
EXP_exit t-1 |
-0.447 |
-0.53 |
-0.049 |
-1.23 |
0.157 |
1.31 |
-0.236 |
-1.64 |
|
EXP_both t+1 |
0.689 |
4.66 |
-0.021 |
-0.30 |
-0.086 |
-1.10 |
0.076 |
0.91 |
|
EXP_both t |
0.042 |
0.33 |
0.211 |
2.08 |
-0.153 |
-1.57 |
-0.013 |
-0.15 |
|
EXP_both t-1 |
0.260 |
1.42 |
-0.104 |
-1.80 |
0.110 |
0.94 |
0.057 |
1.09 |
|
Constant x EXP_always |
1.281 |
1.05 |
2.344 |
2.75 |
-0.628 |
-0.85 |
1.548 |
0.68 |
|
Constant x EXP_never |
1.122 |
0.89 |
-0.884 |
-1.07 |
2.535 |
3.31 |
-0.705 |
-0.31 |
|
Constant x EXP_entry |
0.001 |
0.00 |
-0.261 |
-0.26 |
0.103 |
0.09 |
0.716 |
0.32 |
|
Constant x EXP_exit |
0.272 |
0.07 |
-1.085 |
-1.36 |
1.427 |
1.49 |
0.249 |
0.11 |
|
Constant x EXP_both |
-4.562 |
-0.73 |
-1.557 |
-1.96 |
0.500 |
0.45 |
1.793 |
0.71 |
|
Industry dummies |
yes |
yes |
yes |
yes | ||||
|
Region dummies |
yes |
yes |
yes |
yes | ||||
|
Diagnostic statistics |
1702 |
3065 |
2223 |
6903 | ||||
|
No. of groups |
508 |
741 |
530 |
1798 | ||||
|
Hansen-test ( χ2 ) |
107.15 |
185.96 |
150.91 |
265.83 | ||||
|
AR(1) z-statistic |
-3.24*** |
- - _ _* |
_ _ _ ** -2.29 |
_ _ *** -2.91 | ||||
|
AR(2) z-statistic_______________ |
_________1.08 |
0.738 |
1.48 |
-0.76 | ||||
The lagged coefficient on the dependent variable is also reported in order to assess its adjustment speed.
Notes: Refer to Table 2 for details of industry group codes. The 2-step GMM system estimator in STATA 9 is used; the
instrument set includes lagged values of the RHS variables in the model as well as ln Ageit and Intang it . Standard errors are
obtained using the ‘delta’ method.***/**/* significant at the 1%/5%/10% level.
23