Table 8.

Assessment of endogeneity bias using the Heckman test

Test	Coef (β)	p value	z	Conclusion
PRS $\to$ OWB (Selection DV = CPB; IV = FNI, OPR)	0.784	0.000**	15.38**	No bias present
FNI $\to$ OWB (Selection DV = RNL; IV = PRS, OPR)	0.495	0.000**	11.00**	No bias present
OPR $\to$ OWB (Selection DV = PRS; IV = FNI, RNL)	0.736	0.000**	16.57**	No bias present
RNL $\to$ OWB (Selection DV = OPR; IV = PRS, FNI)	0.579	0.000**	14.75**	No bias present
CPB $\to$ OWB (Selection DV = FNI; IV = OPR, RNL)	0.541	0.000**	15.07**	No bias present

DV dependent variables, IV is independent variables

**,*Statistically significant at the 1 percent and 5 percent levels, respectively