Model 1 Model 2 Model 3 Model 4...

	Model 1	Model 2	Model 3	Model 4
D_PRIVATE	−4.429	−4.938*	−4.617	−4.17
RD_REG	0.158*	−0.023**	0.007	0.001
ST_GDP_REG	−1.822	2.538*	−0.574	−0.321
MED_DEP	−2.813	−2.833	−3.556	−2.066
AGE_Check	0.212	0.338	0.044	−0.566
DIMENSION_Check	1.152	−1.73	0.347	−0.668
INV_DISC	0.167**	0.085	0.155**	0.089*
ST_LEGAL	3.526**	2.481**	3.687**	2.034*
EMP		7.166***		1.881
ENG			1.51	−4.188**
EMP*ENG				1.825**
F Value	9.52***	19.21***	8.61***	17.50***
R squared	0.55	0.74	0.56	0.77
Adjusted R squared	0.49	0.70	0.50	0.72
R Change		0.19	0.19	0.22

	Model 1	Model 2	Model 3	Model 4
D_PRIVATE	−4.429	−4.938*	−4.617	−4.17
RD_REG	0.158*	−0.023**	0.007	0.001
ST_GDP_REG	−1.822	2.538*	−0.574	−0.321
MED_DEP	−2.813	−2.833	−3.556	−2.066
AGE_Check	0.212	0.338	0.044	−0.566
DIMENSION_Check	1.152	−1.73	0.347	−0.668
INV_DISC	0.167**	0.085	0.155**	0.089*
ST_LEGAL	3.526**	2.481**	3.687**	2.034*
EMP		7.166***		1.881
ENG			1.51	−4.188**
EMP*ENG				1.825**
F Value	9.52***	19.21***	8.61***	17.50***
R squared	0.55	0.74	0.56	0.77
Adjusted R squared	0.49	0.70	0.50	0.72
R Change		0.19	0.19	0.22

Note(s): p-value: ***p < 0.01, **p < 0.05, *p < 0.1