Variable

Model 1

Model 2

Model 3

Model 4

Model 5

Motivations

Ore

2.361^***

4.971^***

(4.533)

(5.281)

Pat

0.198^***

0.432^***

(3.462)

(4.735)

Gdp

0.787^***

1.595^***

(3.652)

(11.144)

Control variables

Mob

0.686^***

0.146

−0.001

−0.182

0.342^**

(0.190)

(0.954)

(−0.004)

(−1.279)

(2.099)

Op

1.647^***

−0.006

0.716^*

1.646^***

3.325^***

(0.410)

(−0.019)

(1.875)

(4.813)

(8.378)

Dis

−1.533^***

−0.711^***

−0.010

0.303

−1.418^***

(0.283)

(−2.929)

(−0.038)

(1.360)

(−4.952)

Exch

0.133^***

−0.010

0.039

0.087^**

0.171^***

(0.051)

(−0.243)

(0.939)

(2.288)

(3.861)

Inf

4.629^***

5.019^***

5.367^***

6.812^***

7.957^***

(2.492)

(2.489)

(2.674)

(3.722)

(3.829)

Reg

0.523^***

−0.430^***

−0.521^***

−0.601^***

0.355^***

(0.121)

(−4.408)

(−5.154)

(−6.678)

(3.398)

R²

0.198

0.404

0.216

0.352

0.455

Adjusted R²

0.185

0.391

0.201

0.341

0.442

N

384

384

384

384

384