Variable

(4a)

(4b)

(4c)

(5a)

(5b)

(5c)

Constant

20.244

21.857

22.031

−11.366

−4.524

−0.138

(2.66)**

(2.87)**

(2.71)**

(−1.91)*

(−1.14)

(−0.04)

lnINF

0.011

0.025

0.023

0.196

0.019

−0.083

(0.09)

(0.21)

(0.20)

(1.12)

(0.14)

(−0.62)

lnY

0.171

0.164

0.169

−0.196

0.237

0.312

(0.66)

(0.69)

(0.70)

(−0.56)

(0.83)

(1.00)

lnlR

1.223

1.244

1.228

1.029

0.994

0.996

(3.80)***

(4.08)***

(4.02)***

(3.22)***

(2.88)**

(2.54)**

lnlRISK

−0.110

−0.104

−0.104

−0.070

−0.089

−0.117

(−1.58)

(−1.57)

(−1.53)

(−0.97)

(−1.16)

(−1.39)

lnEX

0.213

0.157

0.132

−0.610

0.350

0.701

(0.66)

(0.53)

(0.38)

(−0.88)

(0.94)

(2.02)*

lnM1

0.141

2.737

(0.62)

(2.14)

lnM2

0.186

1.20

(0.90)

(1.50)

lnM2+

0.195

0.245

(0.84)

(0.45)

lnM2+/Y

1.123

1.229

1.241

(2.60)**

(2.81)**

(2.60)**

lnM1/M2

−2.434

−1.430

−0.609

(−2.54)**

(−2.04)*

(−1.24)