(1)

(2)

(3)

(4)

fsre

fsre

fsre

fsre

lndf

0.101

0.090

0.245***

0.131***

(0.096)

(0.094)

(0.075)

(0.043)

L.fsre

0.409*

0.716***

0.645***

0.492***

(0.237)

(0.092)

(0.098)

(0.108)

ass

−0.924*

−0.080

−0.319*

−0.187

(0.521)

(0.150)

(0.167)

(0.162)

fin

−2.212***

−1.110

−1.984***

−3.792***

(0.827)

(1.066)

(0.704)

(0.782)

open

1.036*

0.199

0.483*

0.897

(0.623)

(0.458)

(0.275)

(0.644)

gdp

0.000**

0.000***

0.000*

0.000**

(0.000)

(0.000)

(0.000)

(0.000)

_cons

5.115**

1.845***

1.905***

3.875***

(2.145)

(0.618)

(0.649)

(0.918)

N

85.000

134.000

141.000

141.000