(1)

(2)

fsre

fsre

lndf

0.948***

(0.083)

L.lndf

0.399***

(0.032)

ass

−0.110

−0.189

(0.073)

(0.137)

fin

−2.828***

−2.634***

(0.784)

(0.683)

open

1.014***

0.456

(0.279)

(0.346)

gdp

0.000***

0.000

(0.000)

(0.000)

_cons

6.261***

3.463***

(0.178)

(0.470)

N

267.000

160.000

r2

0.891

0.930