(1)

(2)

(3)

(4)

(5)

L.NCSR

1.087^***

1.082^***

0.925^***

0.858^***

0.854^***

(5.37)

(5.32)

(4.62)

(4.58)

(4.55)

MARKET

0.167^***

0.160^***

0.116^**

0.117^***

0.113^***

(3.87)

(3.53)

(2.57)

(2.77)

(2.67)

GOV

5.560^***

5.383^***

5.714^***

7.547^***

7.537^***

(3.69)

(3.47)

(3.84)

(5.20)

(5.18)

IND2

−0.030

0.045

0.602

0.962

0.959

(−0.04)

(0.05)

(0.74)

(1.26)

(1.25)

CAP

0.661

0.485

1.451

1.334

(0.52)

(0.40)

(1.26)

(1.14)

SC

0.828^***

1.090^***

1.136^***

(3.36)

(4.59)

(4.62)

EXP

1.222^***

1.369^***

(4.27)

(3.92)

FDI

0.288

(0.74)

Constant

−4.158^***

−4.170^***

−4.387^***

−5.480^***

−5.594^***

(−4.37)

(−4.36)

(−4.78)

(−6.14)

(−6.16)

Observations

150

150

150

150

150

R-squared

0.666

0.667

0.697

0.739

0.740