(1)

LSDV

(2)

OLS+面板校正标准误差

(3)

仅解决组内自相关的FGLS

(4)

全面FGLS

urr

0.235^**

(2.66)

0.235

(1.39)

0.239

(1.43)

0.151

(1.58)

incr

0.410^***

(4.21)

0.410

(1.51)

0.423

(1.56)

0.182

(1.22)

lghr

−0.127

(−1.81)

−0.127

(−1.01)

−0.076

(−0.60)

−0.120

(−1.60)

hir

0.191^***

(5.26)

0.191^***

(3.48)

0.185^***

(3.41)

0.130^***

(5.15)

bar

0.006

(1.13)

0.006

(0.42)

0.004

(0.24)

0.009

(0.95)

grr

−0.013^***

(−4.47)

−0.013

(−0.64)

−0.012

(−0.65)

0.009

(0.74)

mber

−0.685^*

(−2.22)

−0.685^***

(−2.70)

−0.703^***

(−2.84)

−0.589^***

(−4.69)

2

−4.538^***

(−11.05)

−4.538

(−1.21)

−4.422

(−1.25)

−1.816

(−0.60)

3

−2.930^***

(−3.63)

−2.930

(−0.74)

−3.022

(−0.80)

0.341

(0.11)

4

0.158

(0.08)

0.158

(0.03)

0.349

(0.06)

1.548

(0.36)

5

−4.292^***

(−6.06)

−4.292

(−1.05)

−4.368

(−1.12)

−1.398

(−0.41)

6

1.489

(0.43)

1.489

(0.19)

1.786

(0.24)

1.596

(0.32)

7

−0.289

(−0.17)

−0.289

(−0.06)

−0.066

(−0.01)

1.372

(0.45)

8

−8.397^***

(−7.35)

−8.397^**

(−2.01)

−8.418^**

(−2.11)

−4.402

(−1.41)

9

0.608

(0.46)

0.608

(0.12)

0.354

(0.07)

3.564

(0.90)

t

−0.479^**

(−2.66)

−0.479

(−1.20)

−0.489

(−1.30)

−0.537^**

(−2.36)

C

−1.091

(−0.13)

−1.091

(−0.07)

−1.735

(−0.12)

5.251

(0.61)

Observations

144

144

144

144

R−squared

0.242

0.242

0.250