lnk

0.5547^***

0.3615^***

0.2049^***

0.0451^***

(0.0377)

(0.0257)

(0.0392)

(0.0136)

lnh

−0.1848^***

−0.1694^***

−0.0912^***

−0.0114

(0.0229)

(0.0309)

(0.0335)

(0.0399)

Internet index

0.6745^***

1.0578^***

0.4100^*

0.4278^***

(0.2061)

(0.2158)

(0.2150)

(0.1094)

Market index

0.0652^***

0.1008^***

−0.0013

0.0024

(0.0122)

(0.0100)

(0.0124)

(0.0113)

lntech

0.3820^***

0.3890^***

0.6038^***

−0.0420

(0.0212)

(0.0286)

(0.1620)

(0.0483)

lntrans

−0.3866^***

−0.4065^***

−0.6772^***

0.0437

(0.0213)

(0.0317)

(0.1764)

(0.0522)

Constant

1.7983^***

2.8074^***

(0.1886)

(0.2193)

Fixed effects

no

no

yes

yes

N

210

210

210

210

adj. R²

0.979

0.952

0.996

0.996