Table 5 Endogeneity test regression results.
Variable | Instrumental variable approach | PSM propensity score | Heckman two-stage | |
|---|---|---|---|---|
(1) | (2) | (3) | (4) | |
FEP | CCP | CCP | CCP | |
FEP | Â | 6.960** (2.54) | 0.236** (2.32) | 0.204** (2.03) |
MC_IV | 0.106*** (3.77) | Â | Â | Â |
MIR |  |  |  | −5.718** (−2.55) |
Constant variables | Â | Â | 9.258*** (19.61) | 9.147*** (18.58) |
Time and corporation FE | Yes | Yes | Yes | Yes |
Observed value | 10,388 | 10,388 | 10,534 | 10,743 |
R2 | Â | Â | 0.255 | 0.261 |
