Table 5 Endogeneity test regression results.
Variable | DID | NQP | DID | NQP |
|---|---|---|---|---|
IV | 0.339*** | 0.0984*** | ||
(66.43) | (86.26) | |||
DID | 0.0972*** | 0.0748*** | ||
(12.25) | (9.46) | |||
size | 0.0181*** | 0.0314*** | 0.0064 | 0.0361*** |
(3.85) | (12.50) | (0.88) | (4.92) | |
sale | 0.001 | -0.0177*** | -0.0005 | -0.014** |
(0.27) | (-7.85) | (-0.10) | (-2.07) | |
cflow | -0.0605** | 0.523*** | -0.0156 | 0.563*** |
(-2.54) | (22.11) | (-0.68) | (13.95) | |
age | -0.0565** | -0.0381*** | -0.108** | 0.0013 |
(-2.44) | (-7.14) | (-2.53) | (0.12) | |
growth | -0.001 | -0.0026* | -0.0001 | -0.005 |
(-0.67) | (-1.75) | (-0.08) | (-1.58) | |
top10 | -0.001*** | -0.0004*** | -0.0003 | -0.0007*** |
(-5.76) | (-4.20) | (-1.38) | (-2.79) | |
roa | -0.0571** | -0.271*** | -0.0016 | -0.378*** |
(-2.01) | (-9.54) | (-0.05) | (-7.52) | |
lev | 0.0425*** | -0.0833*** | -0.0112 | -0.134*** |
(3.12) | (-8.85) | (-0.56) | (-5.14) | |
_cons | 0.263*** | 0.274*** | 0.483*** | 0.0451 |
(2.79) | (9.03) | (2.90) | (0.57) | |
Firm | YES | YES | YES | YES |
Year | YES | YES | YES | YES |
N | 29,036 | 29,036 | 25,160 | 25,163 |
r2 | 0.842 | 0.0383 | 0.903 | 0.0618 |
