(1)

(2)

(3)

NCSR

1.505^***

2.283^***

0.783^***

(4.33)

(4.56)

(3.80)

NCSR*CAP

−9.132^***

(−3.18)

NCSR*SC

−2.310^***

(−3.69)

NCSR*EXP

−1.514^**

(−2.42)

MARKET

0.157^***

0.152^***

0.160^***

(4.09)

(4.00)

(4.10)

GOV

6.873^***

6.366^***

6.973^***

(5.42)

(4.98)

(5.40)

IND2

0.380

0.167

0.594

(0.56)

(0.25)

(0.87)

CAP

34.633^***

0.872

1.399

(3.25)

(0.80)

(1.22)

SC

1.340^***

9.824^***

1.446^***

(6.74)

(4.31)

(7.25)

EXP

0.743^**

0.518

6.367^***

(2.18)

(1.44)

(3.05)

FDI

0.306

0.090

−0.165

(1.03)

(0.31)

(−0.53)

Constant

−7.861^***

−10.301^***

−5.369^***

(−6.75)

(−6.35)

(−7.32)

Observations

180

180

180

R-squared

0.832

0.836

0.827