Instrumental variable regression
| First stage | Second stage | ||
|---|---|---|---|
| (1) | (2) | (3) | |
| Variable | CR | Digital1 | Digital2 |
| Forest | −0.007*** (−55.37) | ||
| CR | −0.402*** (−8.01) | −0.010*** (−5.11) | |
| Controls | YES | YES | YES |
| Year FE | YES | YES | YES |
| Industry FE | YES | YES | YES |
| F | 3,066.31 | ||
| Observations | 32,157 | 32,157 | 32,157 |
| R-squared | 0.0248 | 0.0149 | |
| First stage | Second stage | ||
|---|---|---|---|
| (1) | (2) | (3) | |
| Variable | Digital1 | Digital2 | |
| Forest | −0.007 | ||
| −0.402 | −0.010 | ||
| Controls | |||
| Year | |||
| Industry | |||
| F | 3,066.31 | ||
| Observations | 32,157 | 32,157 | 32,157 |
| R-squared | 0.0248 | 0.0149 | |
This table shows the two-stage least-squares regression with the instrument variable of the forest cover rate in each province where the firm registered. *, ** and *** denote significance at the 10, 5 and 1% levels, respectively