Sensitive industry

Non-sensitive industry

No direction

Positive distance

Negative distance

No direction

Positive distance

Negative distance

Dist_insti*EXP

−0.039

(0.307)

−0.175

(0.395)

3.579*

(2.006)

−0.380

(0.355)

−0.082

(0.464)

8.917**

(3.851)

Dist_insti

−0.806***

(0.201)

−0.945***

(0.264)

−1.626*

(0.845)

−0.581**

(0.285)

−0.243

(0.276)

−2.246**

(0.998)

Experienced

0.671**

(0.301)

0.756*

(0.401)

2.438*

(1.274)

0.783**

(0.332)

0.400

(0.451)

7.471***

(2.178)

lngdp

0.103

(0.094)

0.090

(0.116)

−0.003

(0.236)

0.145

(0.114)

0.144

(0.127)

0.141

(0.484)

Trade

0.005

(0.065)

0.066

(0.097)

−0.030

(0.103)

−0.174**

(0.073)

−0.279***

(0.074)

0.654**

(0.292)

Raw

0.006**

(0.003)

0.009*

(0.005)

−0.012*

(0.007)

0.008**

(0.004)

0.010**

(0.005)

0.000

(0.018)

Inter

−0.001

(0.004)

0.001

(0.006)

−0.001

(0.008)

0.004

(0.006)

0.017**

(0.008)

−0.032**

(0.014)

Tech

0.019**

(0.009)

0.029**

(0.012)

0.015

(0.016)

0.014

(0.014)

−0.006

(0.014)

0.072***

(0.027)

Ruralp

−0.027**

(0.012)

−0.020

(0.016)

−0.060***

(0.022)

−0.012

(0.018)

−0.007

(0.019)

−0.093

(0.062)

lnrate

0.020*

(0.011)

0.029**

(0.013)

0.009

(0.017)

0.019

(0.014)

0.007

(0.015)

0.026

(0.038)

lndist

−0.062

(0.054)

−0.064

(0.065)

−0.039

(0.091)

0.022

(0.080)

−0.067

(0.095)

0.560***

(0.143)

_cons

−1.453

(4.273)

−4.119

(5.330)

4.111

(10.079)

−3.715

(5.131)

0.080

(5.647)

−34.952

(22.716)

Sample size

1155

720

435

1197

891

306

Wald χ²

41.35***

35.38***

24.08**

31.82***

36.13***

40.92***

Loglikely-hood

−357.619

−239.876

−108.499

−262.206

−198.699

−41.838

LR χ²

42.27***

34.92***

21.60**

30.87***

31.64***

41.90***