Variable

(1a)

(1b)

(1c)

(2a)

(2b)

(2c)

(3a)

(3b)

(3c)

Constant

−19.43

−16.694

−14.245

0.526

0.518

0.532

−11.192

−11.925

−6.646

(−2.45)**

(−1.99)*

(−1.68)

(1.730)*

(0.30)

(0.31)

(−1.35)

(−1.49)

(−0.86)

lnINF

−0.34

−0.287

−0.249

−0.143

−0.142

−0.142

−0.284

−0.194

−0.194

(−2.88)**

(−2.32)**

(−1.99)*

(−1.05)

(−1.04)

(−1.05)

(−2.10)*

(−2.12)*

(−1.55)

lnY

0.102

−0.017

−0.409

−0.091

−0.092

−0.091

0.470

0.346

0.234

(0.46)

(−0.07)

(−0.17)

(0.40)

(−0.41)

(−0.41)

(1.65)

(1.40)

(0.92)

lnlR

0.608

0.755

0.888

0.621

0.622

0.625

1.142

1.166

1.244

(1.86)*

(2.23)**

(2.65)**

(1.12)

(1.12)

(1.13)

(3.71)***

(3.88)***

(3.84)***

lnlRISK

−0.108

−0.099

−0.093

−0.043

−0.043

−0.043

−0.164

−0.170

−0.139

(−1.92)*

(−1.63)

(−1.46)

(−0.60)

(−0.60)

(−0.61)

(−2.23)**

(−2.38)**

(−1.88)*

lnEX

1.212

0.985

0.971

0.390

0.387

0.391

1.599

1.426

1.224

(5.28)***

(4.75)***

(4.41)***

(2.07)*

(2.09)*

(2.09)*

(3.60)***

(4.02)***

(3.50)***

lnM1

−0.736

−0.013

−0.980

(−3.92)***

(−0.21)

(−2.69)**

lnM2

−0.544

−0.011

−0.857

(−3.33)***

(−0.20)

(−2.94)**