Model 1

Model 2

Model 3

ninvest

ninvest

ninvest

ninvest

lndistance

−0.713***

−0.241

−0.155

(−4.60)

(−1.00)

(−0.63)

lngdp

−0.355***

−0.347***

−0.331***

(−4.56)

(−2.90)

(−2.81)

lnhgdp

−0.208***

−0.187**

−0.188**

(−4.52)

(−1.99)

(−2.02)

lncgdp

0.484***

1.829

1.891

(2.63)

(1.46)

(1.52)

cd

−0.0306

−0.0678

−0.0965*

(−0.91)

(−1.22)

(−1.71)

lnex

1.013***

0.933***

0.864***

(13.11)

(7.90)

(7.20)

highex

−0.0201***

−0.00100

0.00665

(−4.89)

(−0.15)

(0.84)

re

−0.00301*

−0.00669**

−0.00838***

(−1.83)

(−2.46)

(−2.95)

cgzcfl

−0.511***

−0.451**

(−2.95)

(−2.57)

llaborc

0.0000173***

0.0000433***

(3.15)

(2.95)

cgzcflxllaborc

−0.0000171*

(−1.95)

_cons

0.118

−18.05

−19.08

(0.05)

(−1.27)

(−1.36)

inflate

_cons

−4.795

−3.643***

−3.782***

(−1.59)

(−3.64)

(−3.12)

lnalpha

_cons

0.157

−0.295*

−0.310*

(1.47)

(−1.81)

(−1.85)

N

780

195

195