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. 2022 Jul 22;13:921168. doi: 10.3389/fpsyg.2022.921168

TABLE 4.

Robustness checks for the endogenous problems.

Variables First stage
Second stage
Model (1) Model (2) Model (3) Model (4) Model (5) Model (6) Model (7) Model (8)

Ne Np CI CI CBQRC CBQRC CI CI
Prie 0.758*** 4.586***
(11.322) (13.054)
Ne 0.227** 0.059*** 0.180*
(2.562) (2.661) (1.810)
Np 0.038** 0.009** 0.030*
(2.578) (2.332) (1.819)
CBQRC 5.773*** 5.967***
(2.873) (3.114)
Controls Yes Yes Yes Yes Yes Yes Yes Yes
Year FE Yes Yes Yes Yes Yes Yes Yes Yes
Underidentification test 117.996 152.35
Cragg-Donald 128.183 170.41
Stock-Yogo critical value 16.38 16.38
N 1,311 1,311 1,311 1,311 1,311 1,311 1,311 1,311

In the first-stage regression, the values in parentheses are the t-statistics of the regression coefficients, and in the second-stage regression the values in parentheses are the z-statistics. *p < 0.1, **p < 0.05, ***p < 0.01. The coefficients of the following variables are not reported due to space considerations: Se, IPO, Rep, Sob, Syn, Da, CEO, Pci, Tech, Early, Age.