LnCV

(static cultural distance)

LnCV

(mixed effect)

IF_AC

1.4597***

(0.1130)

1.4808***

(0.1114)

LnAC

0.3970***

(0.0729)

0.4093***

(0.0767)

LnGDP

0.7220***

(0.0847)

0.7334***

(0.0839)

0.7225***

(0.0930)

0.7318***

(0.0907)

CD

−0.3474***

(0.1072)

−0.3567***

(0.1117)

0.0731

(0.0908)

0.0788

(0.0979)

LnDS

−0.6195***

(0.1721)

−0.6308***

(0.1984)

−1.0645***

(0.2552)

−1.0909***

(0.2902)

EF

0.0343**

(0.0142)

0.0350**

(0.0167)

0.0245

(0.0151)

0.0248

(0.0176)

VISIT

0.0194***

(0.0066)

0.0132

(0.0081)

0.0152**

(0.0070)

0.0084

(0.0089)

CONS

5.0262*

(2.6711)

5.2458**

(2.4707)

8.4833**

(3.2282)

8.8851***

(2.9817)

R2

0.7338

0.6454

0.7016

0.6117

OBS

946

946

946

946