Table 5 Results of endogeneity test.
Variables | CGPRCR | ||
|---|---|---|---|
(3) First stage regression | (4) Second stage regression | (5)Difference GMM | |
GF | 1.001** | 0.117*** | |
(2.48) | (3.25) | ||
iv | 0.011*** | ||
(3.43) | |||
L. CGPRCR | 0.540*** | ||
(4.64) | |||
Control | Yes | Yes | Yes |
Individual fixed | Yes | Yes | Yes |
Time fixed | Yes | Yes | Yes |
Kleibergen-Paap rk LM statistic | 12.046*** | ||
Kleibergen-Paap rk Wald F statistic | 12.733 | ||
Hansen | 0.999 | ||
AR(1) | 0.001 | ||
AR(2) | 0.530 | ||
N | 300 | 300 | 240 |
