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Endogeneity test results.
| Variable | (1) | (2) | (3) | (4) |
|---|---|---|---|---|
| First stage | Second stage | LnCTFP | LnCTFP | |
| LnDIG | 0.354*** (7.64) | 0.325*** (13.73) | ||
| L.LnDIG | 0.747*** (44.68) | 0.300*** (10.06) | ||
| LnTel | 0.281*** (14.46) | |||
| LnPost | 0.268*** (13.24) | |||
| Control variables | YES | YES | YES | YES |
| R2 | 0.959 | 0.633 | 0.705 | 0.701 |
| N | 270 | 270 | 300 | 300 |
| F-value | 775.33 |
