Table 5 Estimation of instrumental variables.

From: Does optimising the business environment enhance enterprise resilience? The role of digital innovation and entrepreneurial spirit

Variables

First-stage

Second-stage

BE

Resilience

Topographic relief

−0.102***

 

(−3.09)

 

BE

 

0.024**

 

(2.09)

Controls

Y

Y

Year effect

Y

Y

Industry effect

Y

Y

_cons

0.026

−0.145***

(0.54)

(−7.76)

Number of observations

21142

21142

Adj R2

0.653

0.359

  1. ***p < 0.01, **p < 0.05.
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