Table 9.

Robustness analysis of alternative regression methods.

Dependent	$\theta$	$\theta$	$\theta$	$\theta$
Method	Panel Probit	Panel Probit	Tobit	Tobit
$x_1$	−0.098*** (−5.26)		−0.014*** (−7.25)
$x_2$		−0.884*** (−10.82)		−0.075*** (−14.77)
Control variables	Yes	Yes	Yes	Yes
${\tau }_i$	/	/	Yes	Yes
N	486	486	486	486

Notes: The parentheses in the table are t-statistics or z-statistics, and ***, **, and * indicate passing significance tests at the 1%, 5%, and 10% levels, respectively.