Table 6 Instrumental variables regression.

From: When the customers comes to you: mobile apps and corporate investment efficiency

Firm-level—Instrumental variable regression

 

Exogeneity test

Two-stage least squares

PT

−0.622**

  

−0.993***

  

(0.244)

  

(0.317)

  

TT

 

−0.008***

  

−0.017

 
 

(0.003)

  

(0.012)

 

NT

  

−0.001***

  

−0.002**

  

(0.000)

  

(0.001)

PTIV

1.518

     

(1.232)

     

TTIV

 

0.031

    
 

(0.032)

    

NTIV

  

0.004

   
  

(0.006)

   

Control variables

YES

YES

YES

YES

YES

YES

Time FE

YES

YES

YES

YES

YES

YES

Industry FE

YES

YES

YES

YES

YES

YES

Observations

523

523

523

523

523

523

Adj−R2

0.281

0.277

0.279

   

First stage F-test value

   

135.840

80.869

215.552

  1. This table reports the specific regression results from using the cumulative App data for the instrumental variable test, which may alleviate the endogeneity issue. Columns (4) (5) (6) report the final estimation results of the two-stage least squares method. Cluster robust standard deviations are in parentheses. **p < 0.05, ***p < 0.01.
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