(1)

(2)

(3)

(4)

fsre

fsre

fsre

fsre

lndf

0.464***

(0.141)

L.fsre

0.422*

0.436

0.392*

0.428

(0.233)

(0.285)

(0.234)

(0.318)

ass

−1.343*

−1.339

−1.353*

−1.401

(0.779)

(0.986)

(0.744)

(1.065)

fin

−1.161

−1.070

−1.565

−1.687

(1.259)

(1.818)

(1.041)

(1.909)

open

0.835

0.855

0.695

1.073

(0.656)

(0.718)

(0.744)

(0.728)

lndfg

0.314**

(0.138)

lnds

0.772***

(0.219)

lndsz

0.888*

(0.512)

_cons

3.289*

4.011*

1.857

0.897

(1.868)

(2.210)

(2.198)

(2.156)

N

78.000

78.000

78.000

78.000