Table 3 Endogeneity test Variables (1)...

Table 3

Endogeneity test

Variables	(1)	(2)
Variables	dt	performance
telecom	0.003***
telecom	(4.20)
dt		29.636***
dt		(2.65)
state	0.000	0.276*
state	(0.01)	(1.91)
lnage	0.016***	0.472**
lnage	(11.71)	(2.41)
lnboard	0.016***	0.263
lnboard	(3.88)	(0.98)
indep	−0.002	0.532
indep	(−0.13)	(0.87)
top10	−0.014**	−2.283***
top10	(−2.33)	(−6.45)
dual	0.001	0.044
dual	(0.52)	(0.75)
capital	0.007***	−0.643***
capital	(5.12)	(−5.85)
growth	0.000	0.488***
growth	(0.29)	(10.03)
subsidy	0.144***	−16.918***
subsidy	(4.71)	(−7.51)
tax	0.000	−0.286***
tax	(0.01)	(−2.70)
asset	0.000***	−0.008**
asset	(7.15)	(−2.01)
Year FE	Yes	Yes
Firm FE	Yes	Yes
Industry FE	Yes	Yes
Obs.	16,795	16,795
KP rk LM statistic	20.923
p-value of KP rk LM statistic	0.0000
KP rk Wald F statistic	17.680
10% critical of Stock-Yogo	16.38

Variables	(1)	(2)
Variables	dt	performance
telecom	0.003***
telecom	(4.20)
dt		29.636***
dt		(2.65)
state	0.000	0.276*
state	(0.01)	(1.91)
lnage	0.016***	0.472**
lnage	(11.71)	(2.41)
lnboard	0.016***	0.263
lnboard	(3.88)	(0.98)
indep	−0.002	0.532
indep	(−0.13)	(0.87)
top10	−0.014**	−2.283***
top10	(−2.33)	(−6.45)
dual	0.001	0.044
dual	(0.52)	(0.75)
capital	0.007***	−0.643***
capital	(5.12)	(−5.85)
growth	0.000	0.488***
growth	(0.29)	(10.03)
subsidy	0.144***	−16.918***
subsidy	(4.71)	(−7.51)
tax	0.000	−0.286***
tax	(0.01)	(−2.70)
asset	0.000***	−0.008**
asset	(7.15)	(−2.01)
Year FE	Yes	Yes
Firm FE	Yes	Yes
Industry FE	Yes	Yes
Obs.	16,795	16,795
KP rk LM statistic	20.923
p-value of KP rk LM statistic	0.0000
KP rk Wald F statistic	17.680
10% critical of Stock-Yogo	16.38

Note(s): This regression controls for year, firm and industry fixed effects, and the standard errors are heteroskedasticity-robust. ***, ** and * refer to statistical significance at the 1, 5 and 10% levels, respectively

Source(s): Authors’ own work

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