Table 6 Endogeniety analysis.
The independent variable lag by phase 1 | The first stage | The second stage | |||||
|---|---|---|---|---|---|---|---|
(1) | (2) | (3) | (4) | (5) | (6) | (7) | |
VARIABLES | lndigital | lninvention | lnutility | DIF | lndigital | lninvention | lnutility |
L.DIF | 0.566*** | 0.516*** | 0.382*** | ||||
(9.04) | (9.44) | (7.74) | |||||
TU | −0.070*** | ||||||
(−3.00) | |||||||
DIF | 2.198** | 1.790** | 1.861** | ||||
(2.11) | (2.05) | (2.18) | |||||
Constant | −3.155*** | −3.214*** | −1.284*** | 0.677*** | −4.672*** | −4.365*** | −2.602*** |
(−9.61) | (−11.22) | (−4.97) | (13.89) | (−4.45) | (−4.92) | (−3.02) | |
Controls | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
Year/Industry | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
r2_a | 0.334 | 0.300 | 0.244 | 0.994 | 0.294 | 0.263 | 0.172 |
Observations | 9528 | 9528 | 9528 | 10,906 | 10,906 | 10,906 | 10,906 |
