Variables

Model 1

Model 2

Model 3

Model 4

FG

−0.1261***

(−4.44)

−0.1145***

(−4.52)

-

-

FX

0.2049**

(2.72)

-

0.2533***

(4.71)

-

FJ

−0.0176**

(2.65)

-

-

−0.1198**

(4.04)

FIS

−0.0206

(−0.32)

−0.0021

(−0.06)

−0.0713

(−1.19)

−0.0539

(−0.91)

FDI

0.0132

(0.68)

0.0089

(0.48)

0.0011

(0.08)

0.0005

(0.03)

HMC

0.0681**

(2.37)

0.0670**

(2.29)

0.0340

(1.28)

0.0376**

(2.23)

C

−0.7766***

(−5.42)

−0.7177***

(−5.04)

−0.7507***

(−5.02)

−0.6866***

(−4.63)