| EFF | Coef. | Std. Err. | t | P > t |
| NE | −0.044*** | 0.010 | −4.150 | 0.000 |
| ER | 23.123*** | 4.769 | 4.850 | 0.000 |
| CR | 0.015** | 0.007 | 2.120 | 0.035 |
| FDI | −1.227 | 0.934 | −1.310 | 0.190 |
| Inno | 1.697*** | 0.432 | 3.930 | 0.000 |
| _cons | 0.857 | 0.014 | 61.170 | 0.000 |