(8)

(9)

(10)

(11)

ALL

EAST

MID

WEST

govsize

0.451**

−0.220

0.205***

0.715***

(0.170)

(0.863)

(1.055)

(0.181)

invest

−0.068

0.102

0.097

−0.077

(0.060)

(0.177)

(0.103)

(0.089)

optrade

−0.201**

−0.165

−0.170

0.073

(0.064)

(0.080)

(0.414)

(0.181)

lnlab

−0.240***

−0.195*

−0.304*

−0.363**

(0.047)

(0.075)

(0.112)

(0.081)

N

290

80

64

88

R2

0.330

0.247

0.363

0.464