VARIABLES

hqe

hqe

hqe

hqe

dif

0.307^***

(7.93)

cov

0.257^***

(6.82)

dep

0.284^***

(5.85)

dig

0.196^**

(3.76)

tax

−0.087^**

−0.081^**

−0.141^**

−0.290^***

(−3.29)

(−2.94)

(−3.30)

(−9.72)

gov

0.112^***

0.112^***

0.129^***

0.092^***

(21.22)

(18.78)

(12.84)

(10.74)

fd

−0.063^**

−0.051^*

−0.091^***

−0.095^*

(−4.32)

(−2.59)

(−5.09)

(−2.14)

Constant

−3.232^***

−2.880^***

−3.260^***

−3.279^***

(−15.22)

(−13.47)

(−13.07)

(−7.21)

Observations

150

150

150

150

Number of groups

30

30

30

30