Dependent variable: I

1

2

3

4

5

Constant

0.23 (0.33)

−1.6^** (−2.44)

−0.99^* (−1.67)

−2.09^*** (−3.8)

−2.47^*** (−4.85)

Co

−0.07 (−1.59)

0.09^** (1.96)

−0.1^** (−2.03)

FD

−2.91^* (−1.61)

−3.83^* (−1.90)

−2.3 (−1.2)

−3.54^** (−1.83)

LnGS

−1.1^*** (−8.76)

−0.91^*** (−7.4)

−0.91^*** (−7.58)

LnGDP

−0.04 (−0.54)

−0.2^** (−2.73)

0.18^*** (3.31)

UR

1.6^*** (4.59)

1.78^*** (4.65)

2.25^*** (6.71)

1.76^*** (4.76)

1.06^*** (3.37)

MI

0.07^*** (4.99)

0.06^*** (4.06)

0.02^** (2.14)

CFE

0.27 (1.5)

−0.01 (−0.07)

0.37^** (2.2)

−0.35^** (−2.16)

OP

0.17^** (2.55)

0.10 (1.45)

0.29^*** (4.43)

0.28^*** (4.27)

0.09 (1.45)

SOE

0.93^*** (6.14)

0.54^*** (3.60)

0.91^*** (5.96)

0.88^*** (5.79)

0.48^*** (3.27)

CI

0.35 (1.41)

0.16 (0.61)

0.52^*** (2.2)

0.79^*** (3.2)

0.69^*** (2.83)

SIC

6.19^*** (11.27)

5.58^*** (9.48)

6.46^*** (12.2)

5.66^*** (10.59)

5.11^*** (9.39)

Hausman Test

FE

FE

FE

FE

FE

Adjusted-R²

0.925

0.91

0.92

0.92

0.92

F-statistic

132.1^***

113.9^***

130.6^***

131.3^***

132.4^***