(result 1)

(result 2)

(result 3)

ln(num)

0.0834^***

(0.193)

rate

5.3442^***

(0.278)

net

159.9512^***

(6.936)

g

0.3824^***

0.5829^***

0.5697^***

(0.178)

(0.185)

(0.192)

m

0.4319^***

0.7686^***

0.7532^***

(0.149)

(0.152)

(0.133)

ln(gdp)

0.2113^**

0.2822^***

0.2821^***

(0.239)

(0.241)

(0.439)

ln(trade)

0.1243^***

0.132^**

0.1372^**

(0.153)

(0.154)

(0.193)

tax

−0.0864^**

−0.0726^***

−0.0587^***

(0.764)

(0.836)

(0.975)

obs

54920

54920

54920