OLS

GLS

FE

RE

Intercept

−20.906^*** (1.243)

−23.283^*** (0.787)

−28.027^*** (3.640)

−17.375^*** (3.739)

Dist

0.137 (0.099)

0.149^** (0.065)

Omitted (omitted)

−0.419 (0.279)

GDP

0.229^*** (0.023)

0.244^*** (0.013)

0.435^*** (0.074)

0.329^*** (0.050)

Pop

0.327^*** (0.015)

0.335^*** (0.009)

0.522^*** (0.065)

0.397^*** (0.035)

TCI

0.139^** (0.058)

0.228^*** (0.035)

0.045 (0.053)

−0.011 (0.0459)

ESI

2.267^*** (0.785)

0.497 (0.583)

4.441^*** (0.806)

4.062^*** (0.784)

Price

0.339^*** (0.033)

0.360^*** (0.020)

0.154^*** (0.039)

0.219^*** (0.032)

FTA

0.178^** (0.082)

0.104^** (0.043)

0.032^* (0.0463)

0.068^* (0.045)

ASEAN

1.677^*** (0.115)

1.826^*** (0.072)

0.232^*** (0.222)

0.652^*** (0.192)

EU

0.419^*** (0.079)

0.473^*** (0.063)

0.533^*** (0.065)

0.535^*** (0.061)

R²

0.840

0.758

0.808

Hausman X² (p-value)

20.89 (0.008)