	(1)	(2)	(3)	(4)	(5)
	reg1	reg2	reg3	reg4	reg5
VARIABLES	lnMerge_OFDI_sum18	lnMerge_OFDI_sum18	lnMerge_OFDI_sum18	lnMerge_OFDI_sum18	lnMerge_OFDI_sum18
					
Bartik_ex_JPM_USratio	-4.3501***	-2.0923	-1.6825	-2.1981**	-3.1594***
	(1.1968)	(1.3461)	(1.1585)	(0.8670)	(1.1402)
1.esg_6#c.Bartik_ex_JPM_USratio	7.6999**				
	(3.1251)				
1.esg_5#c.Bartik_ex_JPM_USratio		-2.5241			
		(2.2107)			
1.esg_4#c.Bartik_ex_JPM_USratio			-1.8066		
			(1.7410)		
1.esg_3#c.Bartik_ex_JPM_USratio				-1.0286	
				(1.4132)	
1o.esg_2#co.Bartik_ex_JPM_USratio					0.0000
					(0.0000)
					
Observations	2,040	2,040	2,040	2,040	2,040
Adjusted R-squared	0.6716	0.6701	0.6699	0.6698	0.6701
Robust standard errors in parentheses					
*** p<0.01, ** p<0.05, * p<0.1					
