Table 4.
Review disagreements, cultural capital and cultural discount in China (Pooled-OLS and GMM estimation over the 1994–2019 period).
| Dependent variable: Logarithm of Chinese box office revenue (lnCR) | (1) GMM 1994–2019 | (2) OLS 1994–2011 | (3) GMM 1994–2011 | (4) OLS 2012–2019 | (5) GMM 2012–2019 |
|---|---|---|---|---|---|
| Review Disagreements (RD) | −0.43 | −0.15 | −3.18 | −0.48*** | −2.81** |
| (1.50) | (0.12) | (2.19) | (0.11) | (1.42) | |
| Cultural Capital (lnCC) | 2.07** | 0.07 | 0.41 | 0.35*** | 0.40*** |
| (0.99) | (0.08) | (0.39) | (0.07) | (0.11) | |
| First-stage F-statistics | 1912.14*** | 473.45*** | 25,235.69*** | ||
| Hansen J-tests (chi 2) | 0.00 | 0.00 | 2.12 | ||
| p value | 1.00 | 1.00 | 0.15 | ||
| Endogeneity C-test (chi 2) | 19.73*** | 0.50 | 6.54** | ||
| p value | 0.00 | 0.78 | 0.04 | ||
| Control variables | Yes | Yes | Yes | Yes | Yes |
| Year dummy | Yes | Yes | Yes | Yes | Yes |
| N | 652 | 275 | 275 | 377 | 377 |
Note: The values in parentheses below each estimated coefficient are the estimated standard errors. Bold italic values below each estimated coefficient are the estimated p-values. ***, **, and *, respectively, represent significance at the 1 %, 5 % and 10 % level.