Table 8 Moderation effects: hardware investment.

LnHW

0.177^***

0.248^***

0.220^***

(3.57)

(3.97)

(3.90)

LnHW × PI

0.054^**

0.073^***

(2.08)

(2.72)

LnHW × PI²

−0.021^**

(−2.63)

PI

−0.030

−0.122^*

−0.118^**

(−0.66)

(−1.92)

(−2.02)

R&D

1.780^**

1.113

1.483^*

(2.22)

(1.30)

(1.71)

Urba

−2.120^***

−2.130^***

−2.147^***

(−2.85)

(−2.91)

(−3.14)

Str

0.074

−0.002

−0.001

(0.67)

(−0.02)

(−0.00)

Gov

−1.502

−1.075

−1.322

(−1.27)

(−0.93)

(−1.31)

_cons

1.004^*

0.700

0.869^*

(1.87)

(1.40)

(1.75)

Year FE

YES

YES

YES

Individual FE

YES

YES

YES

N

108

108

108

r2_a

0.905

0.908

0.913

r2_within

0.275

0.306

0.348

F

4.577^***

4.086^***

6.215^***