Binary Logit

Binary probit

No direction

Positive distance

Negative distance

No direction

Positive distance

Negative distance

Dist_insti*EXP

1.481**

(0.588)

1.423*

(0.816)

5.614*

(3.295)

0.718**

(0.292)

0.706*

(0.387)

3.325**

(1.578)

Dist_insti

0.133

(0.451)

−0.277

(0.561)

−1.884

(1.168)

0.003

(0.206)

−0.191

(0.256)

−0.943*

(0.562)

Experienced

1.092**

(0.462)

0.855

(0.568)

3.924*

(2.261)

0.512**

(0.219)

0.425

(0.262)

2.258**

(1.073)

lngdp

0.143

(0.149)

0.202

(0.147)

−0.453

(0.336)

0.054

(0.067)

0.089

(0.070)

−0.212

(0.154)

Trade

0.007**

(0.004)

0.010**

(0.005)

−0.012

(0.010)

0.004**

(0.002)

0.005**

(0.002)

−0.005

(0.005)

Raw

0.008

(0.007)

0.021**

(0.009)

0.007

(0.013)

0.003

(0.003)

0.010**

(0.004)

0.003

(0.006)

Inter

0.017*

(0.009)

0.030***

(0.010)

0.018

(0.017)

0.007*

(0.004)

0.014***

(0.005)

0.011

(0.008)

Tech

−0.025**

(0.011)

−0.004

(0.014)

−0.073***

(0.027)

−0.011**

(0.006)

0.000

(0.007)

−0.039***

(0.014)

Ruralp

0.022

(0.016)

0.025

(0.016)

−0.013

(0.028)

0.009

(0.007)

0.011

(0.008)

−0.004

(0.013)

lnrate

−0.107*

(0.060)

−0.002

(0.077)

−0.134

(0.124)

−0.050*

(0.028)

0.004

(0.036)

−0.065

(0.055)

lndist

0.248

(0.392)

0.953**

(0.432)

−0.963

(1.089)

0.139

(0.187)

0.514**

(0.214)

−0.363

(0.472)

Sector

−0.570*

(0.315)

−0.450

(0.415)

−1.168

(0.721)

−0.261*

(0.143)

−0.217

(0.190)

−0.520*

(0.286)

_cons

−5.210

(5.292)

−14.497***

(5.162)

23.019

(16.484)

−1.920

(2.525)

−6.989***

(2.660)

9.768

(7.268)

Sample size

1046

626

420

1046

626

420

Wald χ²

34.87***

37.62***

33.09***

34.46***

39.46***

32.98***

Loglikely-hood

−207.221

−120.419

−76.504

−207.530

−120.193

−75.984

LR χ²

33.79***

29.05***

25.33***

33.17***

29.50***

26.37***