Table 5.

Estimation results of instrumental variables.

	(1)	(2)	(3)	(4)
	HC	HC	HC	HC
DE	0.318* (0.154)	0.925*** (0.314)	0.327* (0.177)	0.968*** (0.332)
Controls	Yes	Yes	Yes	Yes
Year F. E.	No	Yes	No	Yes
Province F. E.	No	Yes	No	Yes
Observations	300	300	300	300
Anderson canon. corr. LM statistic	118.459 [0.000]	72.435 [0.000]	118.355 [0.000]	72.345 [0.000]
Cragg-Donald Wald F statistic	189.32	79.325	192.39	78.326
Stock-Yogo weak ID test critical values: 10% maximal IV size	16.38	16.38	16.38	16.38
The first-stage regression results
	(5)	(6)	(7)	(8)
	DE	DE	DE	DE
IV	2.756*** (0.295)	1.985*** (0.321)	2.925*** (0.205)	1.963*** (0.217)
Controls	Yes	Yes	Yes	Yes
Year F. E.	No	Yes	No	Yes
Province F. E.	No	Yes	No	Yes
Observations	300	300	300	300
R2	0.769	0.985	0.719	0.983

Standard errors are shown in small parentheses, p value are shown in middle parentheses ^*, ^**, and ^*** stand for statistical significance at the 0.1, 0.05, and 0.01 significance levels, respectively.