Table 4 Cultural inclusiveness and firm performance: instrumental variable method.
From: Regional cultural inclusiveness and firm performance in China
(1) | (2) | (3) | (4) | |
|---|---|---|---|---|
Stage1 | Stage2 | Stage1 | Stage2 | |
Dependent-variable | Inclu | ROE | Inclu_alter | ROE |
TGC | −0.123*** | −0.116*** | ||
(−47.367) | (−44.188) | |||
Inclu_fit | 2.726*** | |||
(3.182) | ||||
Inclu_alter_fit | 2.908*** | |||
(3.182) | ||||
Constant | −6.056*** | −50.557*** | 6.019*** | −84.571*** |
(−17.331) | (−4.040) | (21.246) | (−5.952) | |
Firm-cont. | Yes | Yes | Yes | Yes |
Gov-cont. | Yes | Yes | Yes | Yes |
Reg-cont. | Yes | Yes | Yes | Yes |
Year FE | Yes | Yes | Yes | Yes |
Ind FE | Yes | Yes | Yes | Yes |
Observations | 12466 | 12466 | 12466 | 12466 |
R-squared | 0.683 | 0.174 | 0.482 | 0.174 |
