(1)

(2)

(3)

(4)

(5)

(6)

imup

imdown

im

imup_fe

imdown_fe

im_fe

openness

0.661***

−0.294

0.483**

0.972**

−0.889***

−0.011

(0.236)

(0.262)

(0.224)

(0.414)

(0.331)

(0.294)

hhsize

0.097**

−0.036

0.051

−0.186**

−0.048

−0.132**

(0.044)

(0.044)

(0.040)

(0.084)

(0.064)

(0.058)

edu_f

−0.249***

0.190***

−0.034

−0.134*

0.152***

0.066

(0.042)

(0.038)

(0.035)

(0.072)

(0.058)

(0.053)

age

0.207***

−0.175***

−0.001

0.319**

−0.180*

0.004

(0.052)

(0.047)

(0.046)

(0.125)

(0.098)

(0.089)

age2

−0.003***

0.002***

−0.0003

−0.005**

0.003

−0.00002

(0.001)

(0.001)

(0.001)

(0.002)

(0.002)

(0.002)

age_f

−0.059

−0.143**

−0.181***

0.008

0.010

−0.061

(0.071)

(0.067)

(0.067)

(0.161)

(0.133)

(0.119)

age_f2

0.001

0.001**

0.002***

0.0003

−0.0003

0.001

(0.001)

(0.001)

(0.001)

(0.001)

(0.001)

(0.001)

edu

61.605

62.565

110.308***

−0.988

11.243

21.654

(38.992)

(39.022)

(35.827)

(112.041)

(77.495)

(73.271)

industry

−1.719

1.686

0.415

3.264

−0.225

2.125

(1.099)

(1.037)

(0.945)

(3.601)

(2.551)

(2.418)

Constant

−3.184*

5.796***

4.759***

−7.673*

2.728

1.688

(1.841)

(1.737)

(1.721)

(4.036)

(3.196)

(2.894)

Obs.

1766

1766

1766

764

764

764