Developed country

Developing country

Positive distance

Positive distance

Negative distance

Dist_insti*EXP

−0.619

(0.756)

−1.121

(1.095)

3.771*

(1.947)

Dist_insti

−0.799*

(0.414)

−0.200

(0.632)

−1.796***

(0.623)

Experienced

1.133

(0.812)

−0.048

(0.782)

2.946**

(1.161)

lngdp

0.133

(0.117)

0.198

(0.136)

0.100

(0.217)

Trade

0.008*

(0.004)

0.007

(0.008)

−0.009

(0.008)

Raw

0.009

(0.007)

0.013*

(0.007)

−0.009

(0.007)

Inter

0.027**

(0.013)

0.022**

(0.010)

0.019*

(0.011)

Tech

−0.008

(0.027)

−0.013

(0.014)

−0.056***

(0.020)

Ruralp

0.062**

(0.029)

0.025*

(0.013)

0.012

(0.015)

lnrate

−0.284*

(0.157)

−0.072

(0.064)

0.088

(0.074)

lndist

−0.983*

(0.573)

0.247

(0.424)

0.542

(0.473)

Sector

−0.771***

(0.239)

−0.544

(0.342)

−0.477

(0.332)

_cons

4.633

(6.271)

−6.447

(6.756)

−6.163

(9.360)

N

901

710

741

Wald χ²

44.67***

22.81**

36.22***

Loglikely-hood

−281.589

−160.745

−160.847

LR χ²

43.86***

19.23*

44.45***