Table 4 Endogeneity test regression results.
Variant | (1) | (2) | (3) | (4) |
|---|---|---|---|---|
Instrumental variable approach | PSM test | Fixed effect | ||
phase I | phase II | |||
Risk | Abresid | Abresid | Abresid | |
Risk | 0.088*** | 0.071*** | 0.075*** | |
(4.251) | (3.156) | (3.374) | ||
IV_R1 | 0.092*** | |||
(2.726) | ||||
IV_R2 | 0.083** | |||
(2.563) | ||||
constant | 0.534*** | 0.239*** | 0.399*** | −0.670** |
(9.981) | (3.470) | (2.875) | (−2.211) | |
N | 7234 | 7234 | 7234 | 7234 |
R2 | 0.098 | - | 0.059 | 0.066 |
F-value | 11.32 | - | - | - |
Controls | Yes | Yes | Yes | Yes |
Year | Yes | Yes | Yes | Yes |
Indcd | Yes | Yes | Yes | Yes |
