Table 10.

Threshold regression results.

Variable	Model 1	Model 2	Model 3
GF	0321***(0.0032)	0.0474***(0.0052)	0.0324***(0.0054)
REP	0.0189(0.0019)	0.0165(0.0065)	0.547*(0.0047)
HE	0.0625*(0.0458)	0.0624(0.0745)	0.0165(0.0411)
HCI	0.0003**(0.0001)	0.0025**(0.0005)	0.0001***(0.0005)
RandD	0.0248**(0.0032)	0.0428***(0.0074)	0.0165***(0.0065)
RE	0.0145***(0.0178)	0.0428***(0.0187)	0.0324***(0.0214)

^*= 1% significant level;

^**= 5% significant level; and

^***= 10% significant level.