Table 12 Instrumental variable estimation results.

IV

0.199^***

(0.0197)

0.182^***

(0.0186)

0.210^***

(0.0175)

0.232^***

(0.0289)

LnICT

0.205^***

(0.0524)

LnHW

0.226^***

(0.0698)

LnCW

0.199^***

(0.0469)

LnSW

0.075^**

(0.0315)

Controls

YES

YES

YES

YES

YES

YES

YES

YES

Year FE

YES

YES

YES

YES

YES

YES

YES

YES

Individual FE

YES

YES

YES

YES

YES

YES

YES

YES

Kleibergen-Paaprk LM statistic

25.67^***

25.60^***

29.60^***

13.22^***

Kleibergen-Paaprk Wald F statistic

102.59^***

96.02^***

144.40^***

64.44^***

Cragg-Donald Wald F statistic

110.68^***

104.76^***

154.77^***

187.88^***

Observations

108

108

108

108

108

108

108

108

R-squared

0.243

0.256

0.262

0.191