Explanatory

variables

OLS

FE

FE

FE

FE

FE

(1)

(2)

(3)

(4)

(5)

(6)

TO

−1.764***

(−9.69)

−0.594***

(−3.2)

−0.413*

(1.74)

−0.718***

(−3.31)

−0.806***

(−3.69)

0.095

(0.44)

TO2

1.640***

(8.53)

0.556***

(3.39)

0.318**

(2.07)

0.996***

(4.84)

0.444**

(2.32)

0.292

(1.43)

TE

0.531***

(9.09)

1.136***

(8.00)

0.602***

(5.99)

0.651***

(6.56)

1.000***

(5.00)

ER

0.118*

(1.67)

0.111*

(1.65)

0.509***

(3.36)

0.129

(1.62)

0.134

(1.01)

LO

−0.183**

(−2.44)

−0.134**

(−2.46)

−0.173

(−1.00)

−0.645**

(−2.35)

0.072 (0.31)

TO*TE

−1.86***

(−4.93)

−2.209***

(−5.72)

TO*ER

−0.850***

(−3.05)

−0.090

(−0.31)

TO*LO

0.712**

(2.27)

0.241

(0.93)

FDI

0.118**

(2.48)

0.101**

(2.21)

0.0837*

(1.69)

0.082

(1.58)

0.031

(0.73)

EN

−0.616

(−0.77)

−0.322

(−0.53)

−0.314

(−0.12)

−0.143

(−0.55)

−0.319

(−1.6)

UR

0.134*

(1.65)

0.088

(1.35)

0.617

(0.22)

0.118

(0.41)

0.583**

(−2.4)

Constant

0.590***

(15.35)

0.056

(0.96)

−0.261***

(−3.30)

−0.007

(−0.04)

0.212

(1.23)

0.366**

(2.14)

N

143

143

143

143

143

143