TABLE 5.
Robustness checks for the sample selection bias.
| Variables | First stage |
Second stage |
||||||
| Model (1) |
Model (2) |
Model (3) |
Model (4) |
Model (5) |
Model (6) |
Model (7) |
Model (8) |
|
| AI | AI | CI | CI | CBQRC | CBQRC | CI | CI | |
| Imd | 0.378*** | 0.378*** | ||||||
| (9.727) | (9.727) | |||||||
| Ne | −0.000 | 0.080*** | 0.058*** | 0.035 | ||||
| (−0.024) | (2.883) | (5.471) | (1.151) | |||||
| NP | −0.000 | 0.014*** | 0.010*** | 0.006 | ||||
| (−0.028) | (3.067) | (6.413) | (1.250) | |||||
| CBQRC | 3.461*** | 3.409*** | ||||||
| (3.409) | (3.382) | |||||||
| Imr | 2.348 | 2.357 | −1.686 | −1.461 | 2.351 | 2.349 | ||
| (1.368) | (1.374) | (−1.101) | (−0.952) | (1.498) | (1.496) | |||
| Controls | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Year FE | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Log likelihood | −6137.866 | −6137.866 | −595.737 | −595.381 | −141.707 | −140.517 | −587.209 | −587.107 |
| N | 56,274 | 56,274 | 1,311 | 1,311 | 1,311 | 1,311 | 1,311 | 1,311 |
The values in parentheses are 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.