Endogeneity test results
| Variable | AbTonet | AbTonet | AbTonet+1 |
|---|---|---|---|
| PSM | Heckman two-stage | Lagged one-stage | |
| (1) | (2) | (3) | |
| ETt | 3.5246*** | 3.5180*** | 5.2191*** |
| (4.104) | (4.097) | (5.422) | |
| IMR | 0.0506 | ||
| (0.162) | |||
| Controls | Yes | Yes | Yes |
| Year FE | Yes | Yes | Yes |
| Industry FE | Yes | Yes | Yes |
| Constant | −0.1641 | −0.8584*** | −0.3149 |
| (−0.444) | (−0.976) | (−0.797) | |
| Observations | 36,116 | 36,116 | 30,430 |
| Adjusted R2 | 0.0343 | 0.0343 | 0.0384 |
| Variable | |||
|---|---|---|---|
| PSM | Heckman two-stage | Lagged one-stage | |
| (1) | (2) | (3) | |
| 3.5246*** | 3.5180*** | 5.2191*** | |
| (4.104) | (4.097) | (5.422) | |
| 0.0506 | |||
| (0.162) | |||
| Yes | Yes | Yes | |
| Yes | Yes | Yes | |
| Yes | Yes | Yes | |
| −0.1641 | −0.8584*** | −0.3149 | |
| (−0.444) | (−0.976) | (−0.797) | |
| 36,116 | 36,116 | 30,430 | |
| 0.0343 | 0.0343 | 0.0384 |
Note(s): t-values are reported in parentheses. *, ** and *** indicate significance at the 10%, 5% and 1% levels, respectively. All regressions control for firm characteristics, year-fixed effects and industry-fixed effects. “PSM” denotes Propensity Score Matching; “Heckman two-stage” refers to the Heckman two-stage method; “lagged one-stage” indicates regressions using the lagged value of external blockholder exit threat. IMR represents the inverse Mills ratio. Variable definitions are provided in Table 1
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