| EFF | Coef. | Std. Err. | t | P > t |
| NE | −0.040*** | 0.009 | −4.200 | 0.000 |
| ER | 22.262*** | 4.583 | 4.860 | 0.000 |
| CR | 0.016** | 0.007 | 2.220 | 0.027 |
| FDI | −1.117 | 0.902 | −1.240 | 0.217 |
| Inno | 1.533*** | 0.416 | 3.690 | 0.000 |
| _cons | 0.858 | 0.014 | 62.960 | 0.000 |