| (1) | (2) | (3) | (4) | (5) |
NCSR | 3.187*** | 3.296*** | 2.555*** | 2.469*** | 2.513*** |
| (6.56) | (6.39) | (5.02) | (4.95) | (4.96) |
MARKET | −0.007 | −0.002 | 0.007 | 0.013 | 0.009 |
| (−0.10) | (−0.02) | (0.11) | (0.21) | (0.15) |
GOV | 3.385 | 3.551 | 4.006** | 4.612** | 4.562** |
| (1.61) | (1.64) | (2.17) | (2.53) | (2.48) |
IND2 | −0.268 | −0.427 | −0.011 | −0.058 | −0.032 |
| (−0.25) | (−0.39) | (−0.01) | (−0.06) | (−0.03) |
CAP |
| −1.277 | −1.450 | −0.612 | −0.709 |
|
| (−0.71) | (−0.94) | (−0.40) | (−0.45) |
SC |
|
| 0.778*** | 0.840*** | 0.868*** |
|
|
| (2.61) | (2.89) | (2.91) |
EXP |
|
|
| 0.899** | 0.993** |
|
|
|
| (2.52) | (2.53) |
FDI |
|
|
|
| 0.248 |
|
|
|
|
| (0.62) |
Constant | −10.086*** | −10.320*** | −8.662*** | −8.938*** | −9.189*** |
| (−7.21) | (−7.07) | (−6.33) | (−6.87) | (−6.75) |
Observations | 180 | 180 | 180 | 180 | 180 |