Model 1

Model 2

Model 3

Model 4

Model 5

Model 6

Model 7

L.dvar

0.867***

(0.003)

0.865***

(0.003)

0.887***

(0.028)

0.850***

(0.017)

0.859***

(0.013)

0.872***

(0.017)

0.862***

(0.013)

ers

−0.010**

(0.035)

−0.015***

(0.038)

−0.097***

(0.029)

−0.041***

(0.015)

−0.026**

(0.013)

−0.045***

(0.017)

−0.021**

(0.006)

ers2

0.003**

(0.001)

0.041**

(0.018)

0.014**

(0.006)

0.009*

(0.005)

0.016**

(0.007)

0.004**

(0.015)

fdi

−0.010*

(0.056)

−0.029**

(0.121)

−0.018**

(0.086)

−0.030**

(0.014)

−0.034*

(0.044)

human

0.047*

(0.025)

0.042*

(0.022)

0.021

(0.019)

0.024*

(0.025)

rd

−0.013*

(0.007)

−0.028***

(0.009)

−0.018***

(0.007)

lnkl

−0.029*

(0.017)

−0.031*

(0.016)

lnsize

−0.027**

(0.014)

_cons

0.082***

(0.021)

0.083***

(0.022)

0.076***

(0.016)

0.058*

(0.023)

0.058**

(0.022)

0.154***

(0.032)

0.159***

(0.027)

N

3510

3510

3510

3510

3510

3510

3510

AR (1) test

−8.47

[0.000]

−8.46

[0.000]

−8.31

[0.000]

−8.03

[0.000]

−8.38

[0.000]

−7.99

[0.000]

−7.72

[0.000]

AR (2) test

−1.52

[0.130]

−1.60

[0.110]

−1.47

[0.323]

−0.49

[0.623]

−0.61

[0.539]

−0.41

[0.679]

−0.29

[0.775]

Sargan test

13.25

[0.351]

12.53

[0.404]

26.17

[0.293]

32.51

[0.541]

37.64

[0.350]

41.56

[0.446]

39.30

[0.412]