Table 4. Endogenous treatment.
| Variables | Model 1 | Model 2 | Model 3 | Model 4 | Model 5 | Model 6 |
|---|---|---|---|---|---|---|
| GVCP | APL | GVCP | GVCP | APL | APL | |
| L.GVCP | 0.9565*** | 0.9586*** | ||||
| (21.6302) | (25.2422) | |||||
| L.APL | 0.9566*** | 0.9581*** | ||||
| (21.6245) | (25.0446) | |||||
| ROD | 0.0058*** | 0.0058*** | 0.0075** | 0.0056** | 0.0076** | 0.0057** |
| (6.3188) | (6.3031) | (2.0533) | (2.3650) | (2.1009) | (2.4420) | |
| EPR | 0.0325* | 0.0324* | -0.0495 | -0.0351 | -0.0515 | -0.0353 |
| (1.7964) | (1.7928) | (-0.5535) | (-0.5413) | (-0.5834) | (-0.5591) | |
| PGDP | 0.0449*** | 0.0449*** | -0.0147 | -0.0110 | -0.0145 | -0.0108 |
| (3.3571) | (3.3595) | (-1.0019) | (-1.0660) | (-0.9484) | (-1.0980) | |
| TAF | -0.0123*** | -0.0123*** | -0.0264 | -0.0139 | -0.0252 | -0.0127 |
| (-3.6530) | (-3.6530) | (-1.4022) | (-1.1560) | (-1.2781) | (-1.0909) | |
| REX | -0.0369*** | -0.0366*** | -0.0544 | -0.0244 | -0.0528 | -0.0232 |
| (-5.3424) | (-5.2973) | (-0.7783) | (-0.6236) | (-0.7509) | (-0.5934) | |
| IEF | 0.0268 | 0.0255 | 0.0008 | 0.0227 | -0.0012 | 0.0230 |
| (0.9174) | (0.8710) | (0.0091) | (0.3310) | (-0.0146) | (0.3229) | |
| EMP | -0.0158*** | -0.0159*** | 0.0105 | 0.0082 | 0.0101 | 0.0076 |
| (-3.4025) | (-3.4355) | (1.1772) | (1.3229) | (1.0716) | (1.1535) | |
| EXP | -0.0049** | -0.0048** | 0.0021 | 0.0025 | 0.0019 | 0.0019 |
| (-2.2273) | (-2.2058) | (0.3376) | (0.5348) | (0.3129) | (0.4089) | |
| IMP | -0.0223*** | -0.0223*** | 0.0170 | 0.0096 | 0.0172 | 0.0099 |
| (-5.0319) | (-5.0383) | (0.7407) | (0.5736) | (0.7660) | (0.5610) | |
| Constant | 0.4632 | 0.2446 | 0.4667 | 0.2423 | ||
| (0.8858) | (0.7341) | (0.8951) | (0.7612) | |||
| National | YES | YES | YES | YES | YES | YES |
| Industry | YES | YES | YES | YES | YES | YES |
| Year | YES | YES | YES | YES | YES | YES |
| Kleibergen-Paap rk LM | 584.925 [0.000] | |||||
| Cragg-Donald Wald F | 1.6e+04 [19.93] | |||||
| Kleibergen-Paap rk Wald F | 567.104 [19.93] | |||||
| Hansen J test | 4.595 [0.0321] | |||||
| AR (1) P | 0.000 | 0.000 | 0.000 | 0.000 | ||
| AR (2) P | 0.388 | 0.324 | 0.372 | 0.310 | ||
| Hansen P | 0.463 | 0.463 | 0.525 | 0.525 | ||
| N | 8892 | 8892 | 9576 | 9576 | 9576 | 9576 |
| R2 | 0.0213 | 0.0213 | ||||
Notes: P-values are reported in square brackets [] below the Kleibergen-Paap rk LM test and Hansen J test, and critical values at the Stock-Yogo 10% level are reported in square brackets [] below the Cragg-Donald Wald F test and Kleibergen-Paap rk Wald F test.