Table 23 Endogeneity test of green common institutional ownership: Instrumental variables analysis.
From: The impact of common institutional ownership on green innovation of China’s energy firms
Dependent variable | (1) | (2) | (3) | (4) | (5) | (6) |
|---|---|---|---|---|---|---|
L.GreenCoz1 | Greenpat | L.GreenCoz2 | Greenpat | L.GreenCoz3 | Greenpat | |
L.GreenCoz1 | 3.502*** | |||||
(2.75) | ||||||
L.GreenCoz2 | 5.131*** | |||||
(2.71) | ||||||
L.GreenCoz3 | 7.827*** | |||||
(2.82) | ||||||
Bartik Iv | 0.125*** | 0.086*** | 0.056*** | |||
(4.01) | (3.88) | (4.46) | ||||
Controls | Yes | Yes | Yes | Yes | Yes | Yes |
Year FE | Yes | Yes | Yes | Yes | Yes | Yes |
Industry FE | Yes | Yes | Yes | Yes | Yes | Yes |
KP rk LM test | 15.544*** | 14.665*** | 18.723*** | |||
KP Wald rk F test | 16.093 | 15.086 | 19.850 | |||
Endogeneity test | 9.201*** | 9.280*** | 11.001*** |
