| (1) | (2) | (3) | (4) | (5) |
NCSR | 0.659*** | 0.657*** | 0.449** | 0.346* | 0.354* |
| (3.59) | (3.53) | (2.43) | (1.93) | (1.97) |
MARKET | 0.231*** | 0.230*** | 0.186*** | 0.193*** | 0.192*** |
| (6.12) | (5.78) | (4.70) | (5.08) | (5.05) |
GOV | 6.934*** | 6.918*** | 6.434*** | 7.070*** | 7.077*** |
| (5.36) | (5.20) | (5.06) | (5.73) | (5.73) |
IND2 | −0.681 | −0.674 | −0.437 | −0.478 | −0.436 |
| (−0.97) | (−0.94) | (−0.64) | (−0.72) | (−0.66) |
CAP |
| 0.064 | −0.619 | 0.238 | 0.168 |
|
| (0.06) | (−0.56) | (0.22) | (0.15) |
SC |
|
| 0.786*** | 0.853*** | 0.894*** |
|
|
| (4.02) | (4.52) | (4.61) |
EXP |
|
|
| 0.910*** | 1.017*** |
|
|
|
| (3.63) | (3.67) |
FDI |
|
|
|
| 0.259 |
|
|
|
|
| (0.91) |
Constant | −3.727*** | −3.725*** | −3.284*** | −3.527*** | −3.707*** |
| (−5.31) | (−5.27) | (−4.82) | (−5.37) | (−5.40) |
Observations | 180 | 180 | 180 | 180 | 180 |
R-squared | 0.745 | 0.745 | 0.770 | 0.790 | 0.791 |