(1)

(2)

(3)

(4)

(5)

NCSR1

0.782^***

0.785^***

0.519^***

0.467^***

0.469^***

(3.91)

(3.94)

(2.89)

(2.84)

(2.84)

MARKET

0.326^***

0.300^***

0.192^***

0.191^***

0.191^***

(8.51)

(7.09)

(4.72)

(5.15)

(5.13)

GOV

9.239^***

8.667^***

7.372^***

8.153^***

8.159^***

(6.20)

(5.62)

(5.39)

(6.47)

(6.46)

IND2

1.385

1.584^*

1.579^**

1.395^*

1.415^**

(1.59)

(1.80)

(2.04)

(1.97)

(1.98)

CAP

1.876

0.290

1.495

1.471

(1.38)

(0.24)

(1.32)

(1.29)

SC

1.402^***

1.473^***

1.489^***

(6.64)

(7.61)

(7.45)

EXP

1.400^***

1.441^***

(5.40)

(5.00)

FDI

0.098

(0.33)

Constant

−3.109^***

−3.134^***

−3.078^***

−3.789^***

−3.852^***

(−4.59)

(−4.64)

(−5.19)

(−6.79)

(−6.51)

Observations

180

180

180

180

180

R-squared

0.711

0.714

0.781

0.818

0.819