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. 2023 Apr 11;9(4):e15329. doi: 10.1016/j.heliyon.2023.e15329

Table 7.

Regression results of instrumental variables.

	First stage		Second stage
$V a r i a b l e s$	$F L S 200$	$V a r i a b l e s$	$i l l i q_y$
$F L S_m e a n$	1.0112*** (0.1024)	$F L S 200 F i t t e d v a l u e$	−0.2437*** (0.0703)
$S h r c r 1$	2.46E-05 (0.0000)	$S h r c r 1$	0.0003*** (0.0000)
$I n s i$	3.10E-05 (0.0000)	$I n s i$	0.0002*** (0.0000)
$L e v$	0.0126*** (0.0027)	$L e v$	−0.0105*** (0.0021)
$S i z e$	−0.0024*** (0.0006)	$I n m a r v$	−0.0303*** (0.0004)
$l n v p r c$	0.0148* (0.0077)	$l n v p r c$	0.0150*** (0.0055)
$A g e$	0.0139*** (0.0023)	$A g e$	−0.0069*** (0.0019)
$P o i d$	0.0166** (0.0065)	$P o i d$	0.0199*** (0.0046)
$V o l a t$	−0.0381 (0.0861)	$v o l a t$	−0.2008*** (0.0597)
Constant term	−0.0085 (0.0457)	Constant term	0.8424*** (0.0312)
Time fixed effects	YES	Time fixed effects	YES
Industry fixed effects	YES	Industry fixed effects	YES
Sample size	14,280	Sample size	14,280
$R 2$	0.1010	$R 2$	0.4322

Note: (1) *, **, *** indicate significant at the 10%, 5%, and 1% levels, respectively; (2) Robust standard errors are in parentheses.