Table 4.

Results of robustness test and endogeneity test.

Variables	Robustness test		Endogeneity test
	(1)	(2)	(3)	(4)
Insurance	−0.050***	−0.018***		−0.031 ***
	(0.007)	(0.005)		(0.048)
Institution			−0.022***
			(0.006)
Constant	0.590***	1.081***	1.344***	1.402***
	(0.005)	(0.020)	(0.022)	(0.030)
Control variables	No	Yes	Yes	Yes
Observations	4,521	4,521	4,521	4,521
R-squared	0.012	0.425	0.487	0.191
Phase I F-value			58.75
DWH test p-value				0.000

^***p ≤ 0.01; Standard errors are in parentheses.