Model 1

Model 2

Model 3

Model 4

Model 5

Model 6

Model 7

L.dvar

0.882***

(0.071)

0.879***

(0.061)

0.878**

(0.082)

0.867***

(0.129)

0.875***

(0.085)

0.878***

(0.074)

0.880***

(0.046)

ers

−0.092***

(0.012)

−0.194*

(0.009)

−0.021**

(0.011)

−0.027*

(0.013)

−0.026**

(0.012)

−0.021**

(0.010)

−0.018**

(0.009)

ers2

0.064*

(0.032)

0.070**

(0.034)

0.084*

(0.047)

0.083**

(0.042)

0.067*

(0.036)

0.065*

(0.028)

fdi

0.003

(0.011)

−0.014

(0.017)

−0.092**

(0.047)

−0.092**

(0.043)

−0.058

(0.007)

human

0.034**

(0.016)

0.012

(0.026)

0.011

(0.027)

0.032*

(0.011)

rd

−0.032***

(0.009)

−0.033***

(0.008)

−0.034***

(0.008)

lnkl

−0.036**

(0.015)

−0.045***

(0.013)

lnsize

−0.023*

(0.122)

_cons

0.074***

(0.072)

0.072***

(0.043)

0.073***

(0.069)

0.054***

(0.016)

0.078**

(0.243)

0.119***

(0.278)

0.131***

(0.257)

N

1890

1890

1890

1890

1890

1890

1890

AR (1) test

−8.47

[0.000]

−8.39

[0.000]

−8.36

[0.000]

−8.25

[0.000]

−8.31

[0.000]

−8.36

[0.000]

−8.02

[0.000]

AR (2) test

−1.52

[0.130]

−1.13

[0.259]

−1.15

[0.249]

−1.09

[0.276]

−1.10

[0.273]

−1.06

[0.289]

−0.66

[0.507]

Sargan test

13.25

[0.351]

8.12

[0.522]

9.267

[0.597]

9.524

[0.574]

9.263

[0.598]

9.539

[0.572]

9.376

[0.497]