(1)

(2)

(3)

market

0.0302***

0.00106***

0.0304***

(0.00792)

(0.00041)

(0.00791)

lnK

/

/

0.122

(0.0824)

lnL

0.253***

0.567***

0.183**

(0.0607)

(0.0338)

(0.0765)

Inf

−5.249***

0.875**

−5.356***

(0.766)

(0.426)

(0.768)

Eco

1.327***

1.175***

1.183***

(0.0831)

(0.0462)

(0.128)

Hum

1.484***

0.835***

1.382***

(0.413)

(0.230)

(0.419)

Open

0.271**

−0.0253

0.274**

(0.128)

(0.0714)

(0.128)

Cons

−9.380***

−5.120***

−8.754***

(0.509)

(0.283)

(0.660)

Time effect

Yes

Yes

Yes

Regional effect

Yes

Yes

Yes

Hausman

0.0000

0.0000

0.0000

R-square

0.924

0.972

0.9241

Observations

510

510

510