(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