Table 5 Instrumental variable estimation...

Table 5

Instrumental variable estimation

	(1)	(2)	(3)	(4)
Stage	First stage	Second stage	First stage	Second stage
Variable	${E s g D i s 1}_{t}$	${L i q u i d i t y}_{t + 1}$	${E s g D i s 2}_{t}$	${L i q u i d i t y}_{t + 1}$
${E s g D i s 1}_{t}$		0.220**		0.217**
${E s g D i s 1}_{t}$		(2.157)		(2.270)
${E s g D i s 2}_{t}$
${E s g D i s 2}_{t}$
IV_IndMean	0.743***		0.772***
IV_IndMean	(20.433)		(20.380)
IV_CityMean	0.911***		0.961***
IV_CityMean	(72.632)		(73.610)
Constant	−0.332***	−11.042***	−0.483***	−11.007***
Constant	−17.365)	(−76.945)	−24.099)	(−75.975)
${Controls}_{t}$ Included	Yes	Yes	Yes	Yes
Year FE	Yes	Yes	Yes	Yes
Industry FE	Yes	Yes	Yes	Yes
Province FE	Yes	Yes	Yes	Yes
Obs	35,890	29,578	35,890	29,578
R-squared	0.203	0.661	0.250	0.661

	(1)	(2)	(3)	(4)
${E s g D i s 1}_{t}$		0.220**		0.217**
	(2.157)		(2.270)
${E s g D i s 2}_{t}$

IV_IndMean	0.743***		0.772***
(20.433)		(20.380)
IV_CityMean	0.911***		0.961***
(72.632)		(73.610)
Constant	−0.332***	−11.042***	−0.483***	−11.007***
−17.365)	(−76.945)	−24.099)	(−75.975)
${Controls}_{t}$ Included	Yes	Yes	Yes	Yes
Year FE	Yes	Yes	Yes	Yes
Industry FE	Yes	Yes	Yes	Yes
Province FE	Yes	Yes	Yes	Yes
Obs	35,890	29,578	35,890	29,578
R-squared	0.203	0.661	0.250	0.661

Note(s): All continuous variables are winsorized at the 1st and 99th percentile. T values are reported in parentheses under coefficients. *, **, and *** indicate significance at the 10%, 5%, and 1% levels, respectively. Variable definitions are presented in Appendix A

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