. 2023 Oct 16;9(10):e21078. doi: 10.1016/j.heliyon.2023.e21078

Table 6.

Instrumental variable regression results.

Variables	(1)	Variables	(2)
Second-stage regression results
$K S I (E n d o g e n o u s v a r i a b l e)$	${0.311}^{* *}$ $(0.123)$	$H a l l y u (E n d o g e n o u s v a r i a b l e)$	${3.422}^{*}$ $(1.789)$
$C o n t r o l v a r i a b l e s$	$Y$	$C o n t r o l v a r i a b l e s$	$Y$
$L a n g u a g e g r o u p F E$	$Y$	$L a n g u a g e g r o u p F E$	$Y$
$Y e a r F E$	$Y$	$Y e a r F E$	$Y$
$O b s .$	$264$	$O b s .$	$248$
$R^{2}$	$0.851$	$R^{2}$	$0.881$
First-stage regression results
$O D A (I n s t r u m e n t a l v a r i a b l e)$	${0.217}^{* * *}$ $(0.068)$	$C G (I n s t r u m e n t a l v a r i a b l e)$	${4.022}^{* * *}$ $(0.913)$
$F_{1}$	$10.243$	$F_{1}$	$19.404$

Note: 1. $F_{1}$ represents the F-statistic of the first stage.

2. ODA data from ODA Bureau, Office for Government Policy Coordination, Korea.

3. Data on the value of imported cultural goods (CG) as a percentage of GDP are from UNESCO.