Table 5 Robustness checks Model 1 Model... | Emerald Publishing

Table 5

Robustness checks

	Model 1	Model 2	Model 3	Model 4	Model 5	Model 6	Model 7	Model 8
	CAR [−11, −1]	CAR [−6, −1]	CAR [0, 5]	CAR [0, 10]	CAR [0, 20]	1-HHI	Spatial	Heckman
Horizontal complexity	0.002	−0.001	−0.011^***	−0.014^***	−0.020^***	−3.118^*	−0.285^***	−0.010^*
Horizontal complexity	(0.005)	(0.003)	(0.004)	(0.005)	(0.007)	(1.797)	(0.086)	(0.005)
Vertical complexity	0.006	−0.005	0.011^*	0.018^*	0.038^**	0.029^**	0.023^*	0.024^**
Vertical complexity	(0.007)	(0.005)	(0.006)	(0.010)	(0.019)	(0.012)	(0.012)	(0.012)
Sector-level controls	Included	Included	Included	Included	Included	Included	Included	Included
Firm-level controls	Included	Included	Included	Included	Included	Included	Included	Included
Location-level controls	Included	Included	Included	Included	Included	Included	Included	Included
Observations	495	495	495	495	495	495	495	495
F-value	3.83^***	2.86^***	9.08^***	11.74^***	8.87^***	6.64^***	7.73^***	7.81^***
R-squared (%)	5.57	3.22	2.12	15.41	15.35	6.31	7.34	10.83

	Model 1	Model 2	Model 3	Model 4	Model 5	Model 6	Model 7	Model 8
	CAR [−11, −1]	CAR [−6, −1]	CAR [0, 5]	CAR [0, 10]	CAR [0, 20]	1-HHI	Spatial	Heckman
Horizontal complexity	0.002	−0.001	−0.011^***	−0.014^***	−0.020^***	−3.118^*	−0.285^***	−0.010^*
Horizontal complexity	(0.005)	(0.003)	(0.004)	(0.005)	(0.007)	(1.797)	(0.086)	(0.005)
Vertical complexity	0.006	−0.005	0.011^*	0.018^*	0.038^**	0.029^**	0.023^*	0.024^**
Vertical complexity	(0.007)	(0.005)	(0.006)	(0.010)	(0.019)	(0.012)	(0.012)	(0.012)
Sector-level controls	Included	Included	Included	Included	Included	Included	Included	Included
Firm-level controls	Included	Included	Included	Included	Included	Included	Included	Included
Location-level controls	Included	Included	Included	Included	Included	Included	Included	Included
Observations	495	495	495	495	495	495	495	495
F-value	3.83^***	2.86^***	9.08^***	11.74^***	8.87^***	6.64^***	7.73^***	7.81^***
R-squared (%)	5.57	3.22	2.12	15.41	15.35	6.31	7.34	10.83

Note(s): Robust standard errors in parentheses; the maximum VIF value for all models is 1.63; ^*p < 0.10, ^**p < 0.05, ^***p < 0.01

Source(s): Authors’ own creation