First Expansion

Second Expansion

Third Expansion

GrowthRate

InstRatio

GrowthRate

InstRatio

GrowthRate

InstRatio

${\beta }_3$

4.39***

−3.45*

6.13***

−3.99*

3.09*

−6.07**

P^IVL

Std. Error

(1.06)

(1.35)

(1.54)

(1.15)

(1.70)

(2.20)

R²

0.03

0.03

0.02

0.03

0.05

0.02

${\beta }_3$

4.17***

−2.54*

4.50***

−3.13

2.82*

−5.12

P^IVH

Std. Error

(1.16)

(0.75)

(1.66)

(1.88)

(1.54)

(3.29)

R²

0.02

0.02

0.03

0.01

0.01

0.02