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.