(1)

(2)

(3)

(4)

(5)

(6)

VARIABLES

lnTSI

lnTSI

lnTSI

lnTSI

lnTSI

lnTSI

lnx1

0.318^***

0.104^***

(49.30)

(3.25)

lnx2

0.389^***

0.172^**

(23.56)

(1.44)

lnx3

0.348^***

−0.105^**

(14.84)

(−0.14)

lnFin

0.189^***

0.208^***

0.237^***

(5.38)

(4.98)

(4.30)

lnLN

−0.600^***

−0.715^***

−0.832^***

(−5.30)

(−5.13)

(−5.94)

lnAO

0.065^***

0.073^***

0.068^***

(4.20)

(4.04)

(3.75)

lnIP

0.093^***

0.116^***

0.139^***

(3.50)

(3.94)

(5.25)

lnxRD

0.131^***

0.148^**

0.174^***

(3.09)

(2.82)

(3.42)

Constant

0.865^***

0.778

0.529^***

0.829

0.872^***

1.100

(34.35)

(1.72)

(7.89)

(1.53)

(10.47)

(1.74)

Observations

130

130

130

130

130

130

R-squared

0.822

0.896

0.764

0.888

0.674

0.884

Number of PROVINCE

13

13

13

13

13

13

PROVINCE FE

YES

YES

YES

YES

YES

YES

Year FE

YES

YES

YES

YES

YES

YES

F test

0

0

0

0

4.39e−09

1.18e−09

r2_a

0.821

0.891

0.762

0.882

0.671

0.879

F

2430

259.2

555.1

203.7

220.3

104.6