Table 4 Cultural inclusiveness and firm performance: instrumental variable method.
From: Regional cultural inclusiveness and firm performance in China
| Â | (1) | (2) | (3) | (4) |
|---|---|---|---|---|
| Â | Stage1 | Stage2 | Stage1 | Stage2 |
Dependent-variable | Inclu | ROE | Inclu_alter | ROE |
TGC | −0.123*** |  | −0.116*** |  |
|  | (−47.367) |  | (−44.188) |  |
Inclu_fit | Â | 2.726*** | Â | Â |
| Â | Â | (3.182) | Â | Â |
Inclu_alter_fit | Â | Â | Â | 2.908*** |
| Â | Â | Â | Â | (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 |
