Table 3.

Benchmark regression results.

Variables	Heckman Two‐step Selection Equation	Heckman Two‐step Outcome Equation	OLS
$FDI$	${0.378}^{**}$ $\left(0.190\right)$	${0.756}^{***}$ $\left(0.151\right)$	${0.509}^{***}$ $(0.1440$
$Trade$	$0.006$ $\left(0.077\right)$	${0.119}^{**}$ $\left(0.058\right)$	${0.172}^{**}$ $\left(0.057\right)$
$Income$	${0.298}^{**}$ $\left(0.122\right)$	${0.503}^{***}$ $\left(0.087\right)$	${0.389}^{***}$ $\left(0.081\right)$
$Distance$	${-0.831}^{***}$ $\left(0.248\right)$	${-1.147}^{***}$ $\left(0.260\right)$	${-0.842}^{***}$ $\left(0.263\right)$
$Education$	${0.352}^{***}$ $\left(0.084\right)$	${0.492}^{***}$ $\left(0.068\right)$	${0.348}^{***}$ $\left(0.081\right)$
$Internet$	${1.274}^{***}$ $\left(0.244\right)$	${1.227}^{***}$ $\left(0.254\right)$	${0.673}^{***}$ $\left(0.172\right)$
$KSI$	${0.118}^{***}$ $\left(0.035\right)$	${0.217}^{***}$ $\left(0.026\right)$	${0.159}^{***}$ $\left(0.236\right)$
$Hallyu$	$-0.002$ $\left(0.521\right)$	${0.978}^{***}$ $\left(0.371\right)$	${1.040}^{***}$ $\left(0.430\right)$
$Population$	${0.491}^{***}$ $\left(0.095\right)$	${0.386}^{***}$ $\left(0.067\right)$	${0.222}^{***}$ $\left(0.055\right)$
$FTA$	${0.386}^{*}$ $\left(0.208\right)$	$-$	$-$
$IMR$	$-$	${1.194}^{***}$ $\left(0.287\right)$	$-$
$Constant$	${-7.630}^{***}$ $\left(2.168\right)$	$-0.645$ $\left(2.271\right)$	$3.118$ $\left(2.350\right)$
$LanguagegroupFE$	$Y$		$Y$
$YearFE$	$Y$		$Y$
$Obs\text{.}$	$676$		$264$
$R^2$	–		$0.871$

Robust standard errors are indicated in parentheses. *p < 0.1; **p < 0.05; ***p < 0.01.