VARIABLES	Model (1)	Model (2)	Model (3)
VARIABLES	L.finn	L.finn	L.finn
l.logfinn	0.352***	0.263***	0.293***
l.logfinn	(0.082)	(0.084)	(0.086)
logre_finn	0.007	0.010	0.010
logre_finn	(0.101)	(0.098)	(0.098)
logdiv	0.132*	0.144*	0.125**
logdiv	(0.069)	(0.077)	(0.064)
l.gGDP	−0.033**	−0.031**	−0.029***
l.gGDP	(0.014)	(0.014)	(0.011)
l.logselic	−0.101
l.logselic	(0.178)
l.logibovespa		0.674***
l.logibovespa		(0.211)
l.logcredt			1.070***
l.logcredt			(0.305)
Constant	−4.182***	−4.526***	−4.348***
Constant	(1.009)	(1.079)	(0.943)
Observations	428	373	428
Number of sectors	65	59	65
Sargan test Prob.	35.61 0.12	35.42 0.12	32.57 0.21
Instruments dif. equation	d2.logre_fin; l.dlogdiv ld.ggdp; l.dlogselic	d2.logdiv ld.gdp ld2.logibovespa	d.logdiv ld.ggdp d2.logcredit
Instrument for level	constant	constant	constant