Heckman two-stage least squares test
| Variables | (1) | (2) | (3) | (4) | (5) | (6) |
|---|---|---|---|---|---|---|
| GAPS_mean | IE | IED | GAPU_mean | IE | IED | |
| First stage | Second stage | Second stage | First stage | Second stage | Second stage | |
| GAPS | – | −0.002*** (−3.242) | −0.061*** (−2.768) | – | – | – |
| GAPU | – | – | – | – | −0.0002* (−1.810) | −0.011*** (−3.268) |
| CRG | 0.781*** (8.880) | – | – | 1.645*** (53.815) | – | – |
| IMR | – | −0.0002* (−1.701) | −0.008** (−2.079) | – | −0.001 (−0.432) | −0.036 (−0.836) |
| Controls | Yes | Yes | Yes | Yes | Yes | Yes |
| Constant | −2.359** (−2.201) | −0.151*** (−9.528) | −0.875* (−1.849) | 1.752*** (5.826) | −0.152*** (−9.513) | −0.880* (−1.843) |
| Industry | Yes | Yes | Yes | Yes | Yes | Yes |
| Year | Yes | Yes | Yes | Yes | Yes | Yes |
| Observations | 22,792 | 20,274 | 20,274 | 22,792 | 20,358 | 20,358 |
| Adjusted R2/pseudo-R2 | 0.9483 | 0.2610 | 0.1418 | 0.3389 | 0.2610 | 0.1415 |
| Variables | (1) | (2) | (3) | (4) | (5) | (6) |
|---|---|---|---|---|---|---|
| GAPS_mean | GAPU_mean | |||||
| First stage | Second stage | Second stage | First stage | Second stage | Second stage | |
| – | −0.002 | −0.061 | – | – | – | |
| – | – | – | – | −0.0002 | −0.011 | |
| 0.781 | – | – | 1.645 | – | – | |
| – | −0.0002 | −0.008 | – | −0.001 (−0.432) | −0.036 (−0.836) | |
| Yes | Yes | Yes | Yes | Yes | Yes | |
| −2.359 | −0.151 | −0.875 | 1.752 | −0.152 | −0.880 | |
| Industry | Yes | Yes | Yes | Yes | Yes | Yes |
| Year | Yes | Yes | Yes | Yes | Yes | Yes |
| Observations | 22,792 | 20,274 | 20,274 | 22,792 | 20,358 | 20,358 |
| Adjusted | 0.9483 | 0.2610 | 0.1418 | 0.3389 | 0.2610 | 0.1415 |
This table reports the results of the Heckman two-stage least squares test. t-Statistics are in parentheses. Standard error clustered based on firm and year. *p < 0.10, **p < 0.05, ***p < 0.01. Refer to Appendix for the definition of variables. Columns (1) and (4) are Probit regression, Columns (2) and (5) are OLS regression and Columns (3) and (6) are Logit regression
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