Table 5 Endogeneity test results.
Variables | (1) L.lnDFI | (2) lnPHONE |
|---|---|---|
lnDFI | 0.095*** | 0.185*** |
(2.628) | (2.920) | |
Constant | 0.664 | 1.153** |
(1.125) | (1.970) | |
Control variables | Yes | Yes |
R-squared | 0.091 | — |
Regional effect | Yes | Yes |
Clustering to provinces | Yes | Yes |
Whether under-identified | — | No |
Whether weak instrumental variable | — | No |
Whether the tool variable is exogenous | — | Yes |
Obs. | 330 | 360 |
