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 |