(1)

(2)

(3)

Transfer1

Transfer

Transfer

Trust

1.421^***

0.416^***

(4.092)

(2.676)

Type

1.398^***

0.656^***

0.683^***

(11.743)

(12.523)

(12.074)

Size

−0.647^***

−0.214^***

−0.211^***

(−7.703)

(−6.658)

(−6.046)

Resp

0.688^***

0.216^***

0.213^***

(13.315)

(10.918)

(9.878)

Product

1.228^***

0.462^***

0.456^***

(19.310)

(18.317)

(16.719)

Industry

−0.326

−0.167

−0.145

(−1.258)

(−1.626)

(−1.170)

Law

0.608

0.177

0.151

(1.049)

(0.776)

(0.625)

GDP

0.279

0.251

0.256

(0.528)

(1.193)

(1.034)

Trust1

2.420^***

(2.891)

Absorptive

0.0290

(0.535)

Constant

−4.820

−13.131^***

−3.014^*

(−1.273)

(−4.384)

(−1.689)

Province fixed effects

Yes

Yes

Yes

Year fixed effects

Yes

Yes

Yes

N

7035

7035

5869

R²

0.415

0.390

0.401