Invest 1

Invest 2

Invest 3

Invest 4

cgzcfl

−0.259

−0.715***

−0.851***

0.0509

(−1.49)

(−2.93)

(−2.82)

(0.20)

llaborc

0.0000268**

0.0000641***

0.0000679***

0.0000210

(1.97)

(3.52)

(3.00)

(1.30)

cgzcflxllaborc

−0.00000883

−0.0000310***

−0.0000398***

−0.00000849

(−1.09)

(−2.74)

(−2.79)

(−0.83)

lndistance

−0.0577

0.0507

0.282

−0.585*

(−0.26)

(0.16)

(0.73)

(−1.88)

lngdp

−0.208*

−0.456***

−0.761***

0.00287

(−1.85)

(−2.77)

(−4.10)

(0.02)

lncgdp

1.998

0.860

2.705

−0.121

(1.63)

(0.49)

(1.26)

(−0.05)

lnhgdp

−0.0973

−0.429***

−0.484***

−0.0329

(−1.06)

(−3.27)

(−3.24)

(−0.23)

lnex

0.710***

1.112***

1.151***

0.591***

(6.10)

(5.86)

(5.35)

(2.95)

cd

−0.142***

0.0336

−0.200*

−0.0819

(−2.58)

(0.42)

(−1.84)

(−1.06)

highex

0.00699

−0.00195

0.00877

0.0125

(0.92)

(−0.18)

(0.86)

(1.17)

re

−0.00706**

−0.0149***

0.00587

−0.00450

(−2.52)

(−3.70)

(1.23)

(−1.08)

_cons

−23.35*

−8.923

−25.42

−1.864

(−1.68)

(−0.45)

(−1.06)

(−0.07)

inflate

_cons

−2.970***

−3.682***

−3.297**

−706.9

(−3.28)

(−2.98)

(−2.19)

(.)

lnalpha

_cons

−0.519**

−0.0107

−0.0181

−0.475

(−2.39)

(−0.06)

(−0.06)

(−1.19)

N

195

195

195

195