Table 6 Robustness checks using two-stage instrumental variable estimation.

From: Does corporate digitalization promote labor investment efficiency? Evidence from Chinese listed companies

 

First stage

Second stage

Digital1

Digital2

Ablabor

Ablabor

(1)

(2)

(3)

(4)

IV_Digital

0.0112***

0.0015***

  

(6.19)

(8.28)

  

Digital1

  

−0.0857**

 
  

(−2.22)

 

Digital2

   

−0.6557**

   

(−2.27)

Controls

Yes

Yes

Yes

Yes

Year

Yes

Yes

Yes

Yes

Industry

Yes

Yes

Yes

Yes

N

27,238

27,238

27,238

27,238

Adj_R2

0.4908

0.3842

0.3815

0.3721

Anderson LM statistic

  

38.352***

68.436***

Cragg-Donald Wald F statistic

  

38.333

68.477

   

[16.38]

[16.38]

  1. *, ** and *** denote significance at the 10%, 5% and 1% level, respectively. T-statistics (in parentheses) are based on standard errors clustered by firm.
Back to article page