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.