FE

FE

IV-2sls

lntsip

lntsi

first stage

second stage

lninteg

0.102^***

0.555^**

(0.0267)

(0.261)

lnmarket

0.195^*

(0.104)

lnf

0.972^***

1.102^***

−0.240

0.876^***

(0.244)

(0.285)

(0.479)

(0.207)

lnrd

0.378^***

0.370^***

0.173^**

0.263^***

(0.0318)

(0.0387)

(0.0674)

(0.0733)

fin

0.106^***

0.0851^**

0.109^*

0.0495

(0.0283)

(0.0274)

(0.0625)

(0.0421)

fdi

0.00808

0.0173

0.0688^*

−0.0177

(0.0170)

(0.0106)

(0.0367)

(0.0175)

rdls

0.0103^**

(0.00479)

_cons

4.346^***

4.468^***

1.015

4.355^***

(0.384)

(0.387)

(0.803)

(0.315)

N

132

132

132

132

adj. R²

0.935

0.938

0.466

0.812