(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