Table 7.

Estimation results of the endogeneity test.

Dependent	$\theta$	$\theta$	$\theta$	$\theta$
Method	IV-Tobit	IV-Tobit	IV-Tobit	IV-Tobit
$x_1$	−0.047*** (−10.33)		−0.051*** (−5.29)
$x_2$		−0.060*** (−9.88)		−0.107*** (−16.89)
Control variables	Yes	Yes	Yes	Yes
${\tau }_i$	Yes	Yes	Yes	Yes
N	324	405	405	405
Amemiya-Lee-Newey minimum chi-square statistic	2.253	3.698	0.087	0.170
AR	35.60***	99.59***	160.60***	145.07***
Wald test	34.70***	97.61***	28.01***	65.76***

Notes: (1) This table reports the endogeneity test results. (2) *, **, and *** represent 10%, 5%, and 1% significance levels, respectively. (3) The Amemiya-Lee-Newey minimum chi-square statistic "/" indicates that the number of instrumental variables is comparable to the number of endogenous variables that are exactly identified.