Model (1)

Model (2)

FSN

0.0142

(−0.0197)

0.0307*

(0.0161)

LnFC

−0.2328***

(0.0287)

−0.1411***

(0.0240)

BS

−0.0104***

(−0.0104)

0.0007

(0.0028)

LnIDP

0.065**

(0.0264)

0.0235

(0.0199)

LnEC

−0.0573***

(0.0204)

LnCSR

−0.0032

(−0.0045)

GDP

−0.0186***

(0.0055)

−0.0284***

(0.041)

Wald Chi(2)

121.84

141.85

P Value

0

0