Variable

Model 1

Model 2

Model 3

Model 4

Model 5

Model 6

Model 7

Pr

1.167^***

4.442^***

11.763^***

0.939^***

(3.782)

(4.229)

(4.207)

(4.293)

Id

0.044^***

−0.109^**

−0.35^***

0.307

(2.421)

(−2.394)

(−3.141)

(1.509)

Ore

−10.368

5.531^***

5.316^***

11.816^***

5.500^***

5.290^***

17.450^*

(−1.278)

(6.086)

(5.920)

(5.506)

(5.448)

(5.369)

(1.857)

Pat

0.262^***

1.199^**

0.212^**

0.461^***

0.61^***

0.414^***

1.151^**

(2.774)

(2.414)

(2.256)

(5.018)

(5.631)

(4.46)

(2.214)

GDP

1.38^***

1.284^***

3.921^***

1.584^***

1.55^***

1.148^***

3.712^***

(9.521)

(8.744)

(5.600)

(11.242)

(10.866)

(5.873)

(4.336)

ORE × Pr

4.786^*

−0.087

(1.937)

(−0.427)

Pat × Pr

−0.422^***

−0.027^**

(−2.98)

(−2.183)

GDP × Pr

−0.822^***

−0.083^***

(−3.717)

(−3.660)

ORE × Id

−0.403^***

−0.574^**

(−3.693)

(−2.570)

Pat × Id

0.016^***

0.014

(2.875)

(0.961)

GDP × Id

0.028^***

−0.024

(3.295)

(−1.095)

Control variables

Mob

3.557^***

0.579^***

0.631^***

0.383^**

0.396^**

0.432^***

0.803^***

(9.229)

(3.592)

(3.902)

(2.373)

(2.422)

(2.630)

(5.074)

Op

3.557^***

3.924^***

3.703^***

2.955^***

3.610^***

3.353^***

2.931^***

(9.229)

(9.73)

(9.677)

(6.248)

(7.143)

(7.007)

(6.007)

Dis

−1.755^***

−1.529^***

−1.605^***

−1.462^***

−1.363^***

−1.367^***

−1.708^***

(−6.197)

(−5.357)

(−5.750)

(−5.145)

(−4.77)

(−4.805)

(−6.026)

Exch

0.127^***

0.123^***

0.134^***

0.213^***

0.176^***

0.183^***

0.180^***

(2.831)

(2.79)

(3.026)

(4.728)

(3.984)

(4.149)

(4.075)

Inf

6.303^***

6.995^***

6.931^***

9.345^***

8.777^***

8.366^***

9.558^***

(3.057)

(3.379)

(3.394)

(4.296)

(4.024)

(3.850)

(4.589)

Reg

0.626^***

0.528^***

0.546^***

0.367^***

0.298^***

0.286^***

0.550^***

(5.56)

(4.763)

(5.005)

(3.231)

(2.618)

(2.518)

(4.803)

R²

0.496

0.503

0.509

0.476

0.468

0.472

0.558

Adjusted R²

0.481

0.488

0.494

0.461

0.453

0.456

0.538

N

384

384

384

384

384

384

384