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Endogeneity test results.
| Variables | (1) | (2) | (3) | (4) |
|---|---|---|---|---|
| Exploratory | Exploitative | Exploratory | Exploitative | |
| DT | 0.064** | 0.051*** | ||
| (0.022) | (0.028) | |||
| Mobile | 0.274*** | 0.291*** | ||
| (0.062) | (0.057) | |||
| Controls | YES | YES | YES | YES |
| Year | YES | YES | YES | YES |
| Industry | YES | YES | YES | YES |
| _cons | − 0.142 | − 0.189 | − 0.117 | -0.273 |
| (0.138) | (0.174) | (0.185) | (0.127) | |
| Obs | 10,273 | 10,882 | 10,273 | 10,882 |
| 0.153 | 0.182 | 0.128 | 0.246 |
t-statistics in parentheses: * p < 0.1, ** p < 0.05, *** p < 0.01.
