Table 3.

Regression results considering endogeneity.

	Eregress		Etpoisson
	Free transfer	Adoption of CTT	Free transfer	Adoption of CTT
	Stage I	Stage II	Stage I	Stage II
Average human expenditure at the village level	0.724∗∗∗		0.816∗∗∗
	(0.209)		(0.201)
Free transfer		-3.091∗∗∗		-1.591∗∗∗
		(0.639)		(0.335)
Control variables	Yes	Yes	Yes	Yes
Village fixed effect	Yes	Yes	Yes	Yes
ATT	-2.207∗∗∗		-1.977∗∗∗
	(0.507)		(0.417)
Endogenous parameter	0.757∗∗∗		6.071∗∗∗
	(0.158)		(0.022)
Wald chi2	768.74∗∗∗		170.97∗∗∗
N	527		527