(1)

(2)

(3)

VARIABLES

wp

tech

wp

S

−0.0720^***

−0.136^***

−0.0360

(−3.427)

(−8.073)

(−1.489)

tech

0.266^***

(5.541)

open

−0.0402^***

0.00660

−0.0420^***

(−8.841)

(1.518)

(−9.061)

hc

0.157^**

1.039^***

−0.119

(2.027)

(25.42)

(−1.323)

ti

0.0340^***

0.0443^***

0.0223^***

(8.175)

(12.78)

(4.628)

pol

2.429^***

−1.574^***

2.847^***

(4.065)

(−5.003)

(4.809)

Constant

−0.159^***

−0.304^***

−0.0786^**

(−4.807)

(−11.53)

(−2.201)

年份

控制

控制

控制

个体

控制

控制

控制

Observations

760

760

760

R-squared

0.241

0.764

0.269