Robustness test for the instrumental variable
| (1) | (2) | (3) | (4) | |
|---|---|---|---|---|
| Variables | PAA | DT | PBA | DT |
| PAA | −7.165*** (1.064) | |||
| PAA2 | 16.179*** (2.794) | |||
| L1. PAA | 0.421*** (0.032) | |||
| L1. PAA2 | −0.142* (0.081) | |||
| PBA | −7.569*** (0.569) | |||
| PBA2 | −16.642*** (1.638) | |||
| L1. PBA | 0.873*** (0.021) | |||
| L1. PBA2 | 0.360*** (0.089) | |||
| Controls | Yes | Yes | Yes | Yes |
| Firm FE | Yes | Yes | Yes | Yes |
| Industry/year | Yes | Yes | Yes | Yes |
| Constant | 0.114*** (0.011) | −4.553*** (0.358) | 0.096*** (0.010) | −3.829*** (0.351) |
| R2 | 0.205 | 0.275 | 0.592 | 0.304 |
| Observations | 22,610 | 22,610 | 22,610 | 22,610 |
| (1) | (2) | (3) | (4) | |
|---|---|---|---|---|
| Variables | ||||
| −7.165 | ||||
| 16.179 | ||||
| L1. | 0.421 | |||
| L1. | −0.142 | |||
| −7.569 | ||||
| −16.642 | ||||
| L1. | 0.873 | |||
| L1. | 0.360 | |||
| Controls | Yes | Yes | Yes | Yes |
| Firm | Yes | Yes | Yes | Yes |
| Industry/year | Yes | Yes | Yes | Yes |
| Constant | 0.114 | −4.553 | 0.096 | −3.829 |
| 0.205 | 0.275 | 0.592 | 0.304 | |
| Observations | 22,610 | 22,610 | 22,610 | 22,610 |
Standard errors in parentheses; *p < 0.10, **p < 0.05, ***p < 0.01
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