Table 9 Robustness test when replacing the core explanatory variable.

per_Pay

15.831**

5.874**

(7.970)

(2.881)

Per_Share

−9.371***

−2.966***

(3.118)

(1.053)

Lev

−9.170***

2.312***

−17.543***

−0.010

(2.425)

(0.876)

(2.993)

(1.011)

TobinQ

0.615

0.339**

−0.916**

−0.147

(0.394)

(0.142)

(0.435)

(0.147)

Age

−7.291

−2.953*

5.475

−0.558

(4.523)

(1.635)

(7.678)

(2.592)

ROE

0.002

−0.001

0.004*

−0.000

(0.002)

(0.001)

(0.002)

(0.001)

Dual

−1.439

−0.422

−2.341***

−0.814***

(0.878)

(0.317)

(0.876)

(0.296)

Size

0.608

−0.070

2.495***

0.691***

(1.414)

(0.511)

(0.559)

(0.189)

HHI1

−0.261**

−0.070

−0.418***

−0.136***

(0.119)

(0.043)

(0.131)

(0.044)

Top1

0.252**

0.037

0.413***

0.091**

(0.101)

(0.037)

(0.116)

(0.039)

Senior

−0.242

−0.113**

−0.418**

−0.149**

(0.156)

(0.056)

(0.173)

(0.058)

Enterprise fixed effect

√

√

√

√

Year fixed effect

√

√

√

√

Initial feature×Year fixed effect

√

√

√

√

Observations

3,205

3,205

2,780

2,780

R-squared

0.195

0.090

0.154

0.166

First stage results

IV_S

0.069***

0.069***

(0.013)

(0.013)

IV_E

−0.143***

−0.143***

(0.017)

(0.017)

Control variables

Yes

Yes

Yes

Yes

Underidentification test

26.655***

26.655***

69.101***

69.101***

Weak identification test

26.614***

26.614***

70.194***

70.194***

Endogeneity test

1.649

3.553*

7.896***

5.185**