Table 5 Endogeneity test results.
Endogeneity test for capital endowment | |||
|---|---|---|---|
Coefficient | t-value | Standard Error | |
First-stage regression results: | |||
Instrumental variable (capital endowment) | 0.343*** | 4.61 | 0.07 |
F | 23.93*** | ||
Second-stage regression results: | |||
Capital endowment | 2.325** | 2.15 | 1.08 |
Control variables | Controlled | ||
Endogeneity tests: | |||
Durbin test | 0.494 (P = 0.482) | ||
Wu-Hausman test | 0.488 (P = 0.485) | ||