Table 11 Robustness tests with alternative measures.

LnFI

0.113^***

(3.49)

LnHFI

0.092^***

(4.72)

LnCFI

0.093^***

(4.52)

LnSFI

0.066^***

(3.39)

Gov

-1.536

-1.943^*

-2.022^*

-0.683

(-1.29)

(-1.82)

(-1.88)

(-0.64)

Str

-0.016

0.120

0.103

-0.062

(-0.13)

(1.19)

(1.01)

(-0.45)

R&D

1.941^**

1.658^**

1.745^**

1.162

(2.04)

(2.10)

(2.17)

(1.37)

Urba

-1.526^**

-1.737^***

-1.922^***

-1.449^**

(-2.38)

(-2.99)

(-3.14)

(-2.17)

_cons

1.009^*

1.476^***

1.472^***

1.412^**

(1.76)

(2.94)

(2.90)

(2.37)

Year FE

YES

YES

YES

YES

Individual FE

YES

YES

YES

YES

N

108

108

108

108

adj. R²

0.905

0.910

0.910

0.902

F

6.221

7.059

6.490

6.775