(9)

(10)

(11)

(12)

$old$

0.8894***

(5.6861)

0.5380***

(3.2822)

0.4586***

(2.7195)

0.1072

(1.3585)

$pro$

−0.2952**

(−2.1036)

−0.2952**

(−2.1036)

$fac$

−0.1109**

(−2.3635)

−0.1109**

(−2.3635)

$u^{pro}$

−0.4308**

(−2.1036)

−0.4308**

(−2.1036)

−

$u^{fac}$

−0.3514**

(2.3635)

−0.3514**

(−2.3635)

$gov$

−0.0271

(−0.8324)

−0.0271

(−0.8324)

−0.0271

(−0.8324)

−0.0271

(−0.8324)

$ddt$

0.2504***

(11.4969)

0.2504***

(11.4970)

0.2504***

(11.4970)

0.2504***

(11.4970)

N

$R^2$

432

0.9973

432

0.9973

432

0.9973

432

0.9973