Variable

Total sample

Grouped by cultural distance

M1

M2

M3

M4

Small CD

M5

Large CD

IF_AC

0.5976***

(0.1094)

LnAC

0.1160***

(0.0728)

0.1498**

(0.0644)

0.0845

(0.0583)

LnGDP

2.3501***

(0.0802)

1.8968***

(0.1403)

2.2502***

(0.0838)

2.0611***

(01593)

2.3361***

(0.2130)

CD

−4.1294***

(0.1080)

−3.9416***

(0.4709)

−4.0537***

(0.1116)

−14.0186*

(7.7467)

−3.7795***

(0.2865)

LnDS

0.9491***

(0.1906)

1.0082***

(0.1084)

1.0141***

(0.1983)

−0.0431

(0.0431)

0.0049

(0.0403)

EF

0.0100

(0.0160)

0.0044

(0.0193)

0.0074

(0.0167)

0.0361**

(0.0171)

−0.0095

(0.0307)

VISIT

0.0191***

(0.0084)

0.0131***

(0.0042)

0.0116**

(0.0081)

0.0103*

(0.0054)

0.0122

(0.0086)

CONS

−39.8519***

(2.3789)

−28.6202***

(3.7175 )

−37.8174***

(2.4707)

−5.3430

(18.4634)

−28.7299***

(6.2070)

R2

0.8012

0.8167

0.8050

0.8354

0.7770

OBS

946

946

946

396

550