Table 6 Heckman’s (1979) two-stage...

Table 6

Heckman’s (1979) two-stage analysis

	Predicted sign	First stage	Second stage
		Dependent variable = INVOP	Dependent variable = Firm performance (PERF1)
		Model (1)	Model (2)	Model (3)	Model (4)
INVOP	+	–	0.083^***	0.073^***	0.119^***
INVOP			(5.251)	(4.656)	(5.128)
INVOP × FEMOWN	+	–	–	0.031^**	–
INVOP × FEMOWN				(2.309)
INVOP × CONTROL	–	–	–	–	−0.049^**
INVOP × CONTROL					(−2.373)
FEMOWN	?	–	0.001	−0.022^*	0.001
FEMOWN			(0.319)	(−1.888)	(0.328)
CONTROL	–	–	−0.005	−0.005	0.031^**
CONTROL			(−1.574)	(−1.553)	(1.992)
SIZE	+	0.131^***	0.007^*	0.007^*	0.007^*
SIZE		(6.516)	(1.746)	(1.722)	(1.693)
FAGE	?	−0.087^***	−0.034^***	−0.034^***	−0.034^***
FAGE		(−5.913)	(−8.308)	(−8.308)	(−8.314)
FOROWN	+	0.003	−0.000	−0.000	0.000
FOROWN		(0.066)	(−0.021)	(−0.010)	(0.058)
FINCRED	+		0.005	0.005	0.005
FINCRED			(1.324)	(1.277)	(1.320)
EXPORT	+	0.139^***	−0.008	−0.008	−0.008
EXPORT		(2.649)	(−1.005)	(−1.009)	(−1.072)
FINCONS	–	−0.062^***	−0.001	−0.001	−0.001
FINCONS		(−7.391)	(−0.587)	(−0.572)	(−0.581)
BUSRISK	–	−0.001	−0.017^***	−0.017^***	−0.017^***
BUSRISK		(−0.070)	(−10.879)	(−10.920)	(−10.955)
CORP	+	−0.022	−0.009^*	−0.009^*	−0.009^*
CORP		(−0.776)	(−1.685)	(−1.673)	(−1.663)
EXTDEP	+	−0.184^***	0.011	0.011	0.011
EXTDEP		(−3.017)	(1.371)	(1.381)	(1.359)
INVOP	+	0.051^*	0.004^**	0.004^**	0.004^*
INVOP		(1.790)	(1.988)	(1.990)	(1.981)
INVOP_IND	+	3.148^***	–	–	–
INVOP_IND		(7.039)
IMR	?	–	−0.028	−0.029	−0.028
IMR			(−0.787)	(−0.820)	(−0.801)
CONSTANT	?	−2.021^***	0.283^***	0.292^***	0.258^***
CONSTANT		(−5.298)	(4.395)	(4.524)	(3.968)
Year fixed effects		Yes	Yes	Yes	Yes
Industry fixed effects		Yes	Yes	Yes	Yes
Country fixed effects		Yes	Yes	Yes	Yes
Observations		36,185	36,185	36,185	36,185
Pseudo R-squared/R-squared		0.079	0.092	0.092	0.092
Test: INVOP + INVOP × FEMOWN = 0				16.56^***
Test: INVOP + INVOP × CONTROL = 0					15.56^***

	Predicted sign	First stage	Second stage
		Dependent variable = INVOP	Dependent variable = Firm performance (PERF1)
		Model (1)	Model (2)	Model (3)	Model (4)
INVOP	+	–	0.083^***	0.073^***	0.119^***
INVOP			(5.251)	(4.656)	(5.128)
INVOP × FEMOWN	+	–	–	0.031^**	–
INVOP × FEMOWN				(2.309)
INVOP × CONTROL	–	–	–	–	−0.049^**
INVOP × CONTROL					(−2.373)
FEMOWN	?	–	0.001	−0.022^*	0.001
FEMOWN			(0.319)	(−1.888)	(0.328)
CONTROL	–	–	−0.005	−0.005	0.031^**
CONTROL			(−1.574)	(−1.553)	(1.992)
SIZE	+	0.131^***	0.007^*	0.007^*	0.007^*
SIZE		(6.516)	(1.746)	(1.722)	(1.693)
FAGE	?	−0.087^***	−0.034^***	−0.034^***	−0.034^***
FAGE		(−5.913)	(−8.308)	(−8.308)	(−8.314)
FOROWN	+	0.003	−0.000	−0.000	0.000
FOROWN		(0.066)	(−0.021)	(−0.010)	(0.058)
FINCRED	+		0.005	0.005	0.005
FINCRED			(1.324)	(1.277)	(1.320)
EXPORT	+	0.139^***	−0.008	−0.008	−0.008
EXPORT		(2.649)	(−1.005)	(−1.009)	(−1.072)
FINCONS	–	−0.062^***	−0.001	−0.001	−0.001
FINCONS		(−7.391)	(−0.587)	(−0.572)	(−0.581)
BUSRISK	–	−0.001	−0.017^***	−0.017^***	−0.017^***
BUSRISK		(−0.070)	(−10.879)	(−10.920)	(−10.955)
CORP	+	−0.022	−0.009^*	−0.009^*	−0.009^*
CORP		(−0.776)	(−1.685)	(−1.673)	(−1.663)
EXTDEP	+	−0.184^***	0.011	0.011	0.011
EXTDEP		(−3.017)	(1.371)	(1.381)	(1.359)
INVOP	+	0.051^*	0.004^**	0.004^**	0.004^*
INVOP		(1.790)	(1.988)	(1.990)	(1.981)
INVOP_IND	+	3.148^***	–	–	–
INVOP_IND		(7.039)
IMR	?	–	−0.028	−0.029	−0.028
IMR			(−0.787)	(−0.820)	(−0.801)
CONSTANT	?	−2.021^***	0.283^***	0.292^***	0.258^***
CONSTANT		(−5.298)	(4.395)	(4.524)	(3.968)
Year fixed effects		Yes	Yes	Yes	Yes
Industry fixed effects		Yes	Yes	Yes	Yes
Country fixed effects		Yes	Yes	Yes	Yes
Observations		36,185	36,185	36,185	36,185
Pseudo R-squared/R-squared		0.079	0.092	0.092	0.092
Test: INVOP + INVOP × FEMOWN = 0				16.56^***
Test: INVOP + INVOP × CONTROL = 0					15.56^***

Note(s): Superscript ***, **, and * represent statistical significance at the 1, 5, and 10% levels, respectively, two-tailed. Coefficient values (robust t-statistics) are shown with standard errors clustered at the country level. Descriptions of variables are provided in Appendix

Source(s): Authors’ own work

[ViewLarge]

Sharing Unavailable