(1)

(2)

(3)

(4)

(5)

Innovate

OFDI

OFDI

Innovate1

OFDI

Digec

0.823^***

0.247^***

0.248^***

0.693^***

0.255^***

(0.081)

(0.029)

(0.033)

(0.093)

(0.029)

Innovate

0.037^***

(0.002)

L.Innovate

0.038^***

(0.003)

Innovate1

0.031^***

(0.002)

Constant

−4.439^***

−2.130^***

−2.125^***

−3.973^***

−2.169^***

(0.179)

(0.065)

(0.074)

(0.206)

(0.064)

Controls

yes

yes

yes

yes

yes

Year-FE

yes

yes

yes

yes

yes

Ind-FE

yes

yes

yes

yes

yes

Obs.

13,611

13,611

18,025

22,369

22,369

R2

0.158

0.068

0.154

0.313

0.157