Negative

Positive

ninvest

cgzcfl

0.323

−1.430***

(1.14)

(−3.51)

llaborc

0.00000604

0.0000975***

(1.40)

(4.16)

lndistance

−0.442*

−0.767

(−1.80)

(−1.39)

lngdp

0.0307

−0.0346

(0.17)

(−0.19)

lnhgdp

−0.377*

−0.492**

(−1.93)

(−2.10)

lncgdp

−0.0962

2.244

(−0.06)

(1.37)

cd

−0.273***

0.246**

(−4.03)

(2.30)

lnex

0.647***

0.418**

(3.83)

(2.51)

highex

−0.0138

−0.00219

(−1.17)

(−0.17)

re

−0.00529

−0.00470

(−1.01)

(−0.78)

_cons

1.233

−17.44

(0.07)

(−0.95)

inflate

_cons

−704.5

−2.823***

(.)

(−4.31)

lnalpha

_cons

−0.550**

−0.853***

(−2.50)

(−3.56)

N

123

72