lnENTV

lnNS

Time-invariant

Time-varying

Time-invariant

Time-varying

lnGRPR

0.243

0.239

lnTOTA

0.833

0.851

(0.031)^***

(0.031)^***

(0.037)^***

(0.041)^***

lnTOTE

0.366

0.317

lnCAPEX

−0.012

−0.012

(0.046)^***

(0.047)^***

(0.023)

(0.023)

lnFEMP

0.172

0.153

(0.016)^***

(0.012)^***

Cons

13.262

13.701

Cons

0.527

0.156

(1.327)^***

(3.427)^***

(0.311)^***

(0.279)^***

Obs

632

632

Obs

577

577

N

82

82

N

77

77

λ

5.403

5.482

λ

1.836

1.873

0.155

0.147

0.113

0.107

5.946

5.949

0.413

0.418