Table 5 Regression results of instrumental variables.

mean_new

0.0012 ^***

(0.0000)

Wnewstartr

0.0040^**

(0.0938)

Controls

Yes

Firm fixed effect

Yes

Year fixed effect

Yes

Kleibergen-Paap rk LM-P

0.0000

Cragg-Donald Wald F statistic

2081.394

Stock-Yogo weak ID test critical values(10% maximal IV size)

16.38

N

125,404