Columns (5) and (6) of Table 11 show that the estimated rate effect interacting with
human capital (FDI_sec*HC*time) is the largest in magnitude for large firms but is small and
insignificant for small firms. The results are consistent with our expectation. However, the
results are not in accordance with that of the recent study by Sinani and Meyer (2004). They find
that in Estonia, the effect of human capital is positive and significant for small firms but is
negative and significant for medium and large firms