Table 4 Robustness regression results.
Heckman two-step method | 2SLS method | Indicator robustness | Model robustness | |||
|---|---|---|---|---|---|---|
(1) | (2) | (3) | (4) | (5) | (6) | |
One period behind | Lewbel method | |||||
EPP | 0.416*** (0.03) | −1.627*** (0.06) | 0.138*** (0.04) | 3.269*** (0.51) | 0.231*** (0.08) | 0.189*** (0.03) |
EPPS | −0.202*** (0.02) | 0.720*** (0.04) | −0.075*** (0.02) | −2.778*** (0.51) | −0.016** (0.01) | −0.099*** (0.02) |
FD | −0.188*** (0.03) | −1.179*** (0.07) | −0.179*** (0.06) | −2.423*** (0.37) | −2.117*** (0.22) | −0.380*** (0.05) |
AGE | 0.067*** (0.00) | −0.417*** (0.00) | −0.012*** (0.00) | 0.009*** (0.00) | −0.005*** (0.00) | 0.002*** (0.00) |
MARKET | 0.114*** (0.01) | −0.216*** (0.01) | 0.019* (0.01) | 0.187*** (0.04) | 0.093*** (0.02) | 0.088*** (0.01) |
HHI | −0.111*** (0.01) | 0.999*** (0.01) | 0.020*** (0.00) | −0.101*** (0.01) | 0.002 (0.01) | 0.029*** (0.00) |
SALE | −0.057*** (0.00) | 0.208*** (0.00) | 0.004*** (0.00) | −0.025*** (0.00) | −0.003* (0.00) | −0.018*** (0.00) |
FS | 0.023*** (0.00) | −0.133*** (0.00) | −0.002*** (0.00) | 0.012*** (0.00) | 0.002 (0.00) | −0.001 (0.00) |
SOE | −0.023*** (0.00) | 0.086*** (0.01) | −0.001 (0.01) | 0.127*** (0.04) | 0.085** (0.04) | −0.016*** (0.01) |
SUB | 0.069 (0.06) | −0.242* (0.13) | 0.018 (0.02) | −0.034 (0.07) | −0.024 (0.07) | −0.046 (0.05) |
Intercept term | 0.195*** (0.05) | 11.238*** (0.06) | −0.080 (0.25) | 1.459*** (0.03) | ||
IMR | −0.415*** (0.01) | |||||
Industry F.E. | Yes | Yes | Yes | Yes | Yes | Yes |
Year F.E. | Yes | Yes | Yes | Yes | Yes | Yes |
Kleibergen-Paap rk LM | 1565.46 | 7259.92 | ||||
[0.00] | [0.00] | |||||
827.08 | 4538.87 | |||||
Kleibergen-Paap rk F | [0.00] | [0.00] | ||||
Turning Point | 1.028 | 0.915 | 0.588 | 7.254 | 0.959 | |
Adj. R2 | 0.021 | 0.150 | 0.487 | |||
Observations | 779,182 | 779,182 | 236,491 | 392,062 | 395,382 | 478,484 |
