(1)

(2)

(3)

(4)

(5)

(6)

NCSR

2.501^***

1.080^***

1.060^***

0.708^***

0.559^***

0.562^***

(13.99)

(5.08)

(4.92)

(3.55)

(2.99)

(2.99)

MARKET

0.226^***

0.217^***

0.142^***

0.153^***

0.152^***

(5.18)

(4.71)

(3.33)

(3.86)

(3.84)

GOV

7.671^***

7.461^***

6.643^***

7.566^***

7.569^***

(5.11)

(4.84)

(4.83)

(5.89)

(5.87)

IND2

0.241

0.333

0.733

0.674

0.690

(0.30)

(0.40)

(0.99)

(0.98)

(1.00)

CAP

0.828

−0.326

0.918

0.891

(0.62)

(−0.27)

(0.81)

(0.78)

SC

1.328^***

1.426^***

1.442^***

(6.28)

(7.26)

(7.11)

EXP

1.320^***

1.362^***

(5.05)

(4.70)

FDI

0.100

(0.33)

Constant

−6.992^***

−5.241^***

−5.206^***

−4.461^***

−4.814^***

−4.883^***

(−10.88)

(−6.44)

(−6.37)

(−6.06)

(−7.03)

(−6.81)

Observations

180

180

180

180

180

180

R-squared

0.568

0.728

0.729

0.787

0.820

0.820