Table 6 Robustness test (Controlling for omitted variable bias). ^*p < 0.1, ^**p < 0.05, ^***p < 0.01.

DT

0.3247^*

1.0063^***

1.1620^***

0.9688^***

0.5375^***

(0.1880)

(0.2143)

(0.2156)

(0.2639)

(0.0875)

RCA

0.0105

0.0087

0.0093

−0.0009

(0.0066)

(0.0066)

(0.0052)

(0.0032)

CAP

−0.0042

−0.0031

−0.0013

0.0020

(0.0052)

(0.0051)

(0.0065)

(0.0038)

TA

−0.0860^***

−0.0916^***

−0.0882^***

−0.0253^*

(0.0097)

(0.0101)

(0.0134)

(0.0114)

FATAR

0.0831

0.0673

0.1466^**

−0.1723^**

(0.0798)

(0.0824)

(0.0477)

(0.0708)

IATAR

−0.1624

−0.3503

−0.4112

−0.5966^***

(0.3332)

(0.3327)

(0.4922)

(0.1777)

IISP

0.0008^*

0.0005

−0.0000

(0.0005)

(0.0008)

(0.0005)

SOFI

−0.1626^*

−0.1415^***

−0.0981^*

(0.0854)

(0.0236)

(0.0448)

IDNC

−0.1239^***

−0.1158^***

−0.0572^***

(0.0311)

(0.0282)

(0.0144)

BS

0.1096^**

0.0810

−0.0148

(0.0543)

(0.0964)

(0.0574)

Industry FE

No

No

No

Yes

Yes

Year FE

No

No

No

No

Yes

Region FE

No

No

No

No

Yes

Constant

0.5232^***

2.4218^***

2.3363^***

2.3247^***

1.1749^***

(0.0124)

(0.2162)

(0.2323)

(0.2075)

(0.2329)

Observations

785

741

729

729

729

R²

0.0038

0.1031

0.1344

0.1735

0.7091