Table 4.

Omitted variable tests for hierarchical models in Table 1 using REndo package

Model (1)
	df	Chisq	p value
FE L2 VS REF	11	15.72	0.152
GMM L2 VS REF	11	19,806.09	< 2e-16***
Model (2)
	df	Chisq	p value
FE L2 VS REF	11	16.45	0.125
GMM L2 VS REF	11	− 294,481.18	1.000

^∗p < 0.1; ^∗∗p < 0.05; ^∗∗∗p < 0.01