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| Variables | Estimation of instrumental variables: the first stage | Analysis of instrumental variables: phase 2 |
|---|---|---|
| DIF | Innovation | |
| DIF | - | 0.749** |
| - | (2.19) | |
| Hlw | 0.118*** | - |
| (4.08) | - | |
| Year | YES | YES |
| R2 | 0.528 | 0.586 |
| F | 194.56*** | - |
| Hausman | - | 5.815*** |
| LM | - | 16.418** |
