Dependent variables

model (1)

model (2)

model (3)

model (4)

model (5)

Independent variables

score

el

ek

edebt

tfp

model IS

0.3968***

0.4152***

0.4627***

0.4242***

0.3310***

−0.0507

−0.0772

−0.0802

−0.0844

−0.0627

INV

−0.5037***

−0.6936***

−0.5427***

−0.0721

−0.0253

−0.0559

−0.0852

−0.0889

−0.0931

−0.0452

OP

0.0421***

0.0780***

0.0323***

−0.0104

0.0334***

−0.0058

−0.0089

−0.0092

−0.0097

−0.0114

HC

0.0831***

0.0706***

0.1227***

0.0746***

−0.002

−0.0075

−0.0115

−0.0119

−0.0125

−0.0173

FD

0.1149***

0.1150***

0.0964***

0.2138***

0.0786***

−0.022

−0.0335

−0.0347

−0.0366

−0.0285

Constant

0.1168***

0.2171***

0.2239***

−0.0222

0.8553***

−0.0236

−0.0358

−0.0371

−0.0392

−0.046

sigma Constant

0.1324***

0.2011***

0.2067***

0.2205***

−0.0024

−0.0038

−0.0042

−0.004

Observations

1500

1500

1500

1500

1440