(1) OLS

(2) FE

(3) RE

market

0.0165

0.0304***

0.0204**

(0.0104)

(0.00791)

(0.00824)

lnK

0.474***

0.122

0.421***

(0.0671)

(0.0824)

(0.0750)

lnL

0.520***

0.183**

0.277***

(0.0747)

(0.0765)

(0.0748)

Inf

−3.776***

−5.356***

−5.307***

(1.157)

(0.768)

(0.822)

Eco

0.599***

1.183***

0.680***

(0.0744)

(0.128)

(0.106)

Hum

−1.875***

1.382***

0.570

(0.329)

(0.419)

(0.416)

Open

0.0307

0.274**

0.182*

(0.0764)

(0.128)

(0.108)

Cons

−4.652***

−8.754***

−7.291***

(0.597)

(0.660)

(0.654)

Time effect

No

Yes

Yes

Regional effect

No

Yes

Yes

Hausman

/

0.0000

0.0000

R-square

0.9170

0.9241

0.0183

Observations

510

510

510