Table 6 Endogeneity tests Dependent...

Table 6

Endogeneity tests

Dependent variables	Status	Hierarchy	Status	Status	Status	Hierarchy	Status
Dependent variables	(1)	(2)	(3)	(4)	(5)	(6)	(7)
Hierarchy	−0.0206**		−0.0521				−0.0591*
Hierarchy	(0.0080)		(0.0628)				(0.0329)
Hierarchy_lag		0.0903***
Hierarchy_lag		(0.0063)
Hierarchy_resid			0.0363
Hierarchy_resid			(0.0625)
Treat Post1*				−0.0134**
Treat Post1*				(0.0065)
Treat Post2*					0.0145**
Treat Post2*					(0.0073)
Hierarchy_ind						0.9662***
Hierarchy_ind						(0.0307)
Size	0.0748***	−0.0202***	0.0574***	0.0645***	0.0704***	−0.0208***	0.0632***
Size	(0.0109)	(0.0066)	(0.0076)	(0.0067)	(0.0072)	(0.0056)	(0.0058)
Lev	0.1293***	0.0569**	0.1264***	0.1369***	0.1367***	0.0332	0.1372***
Lev	(0.0388)	(0.0257)	(0.0267)	(0.0243)	(0.0256)	(0.0218)	(0.0226)
Grossprofit	−0.0454	0.0082	−0.0490	−0.0403	−0.0684**	0.0083	−0.0450*
Grossprofit	(0.0503)	(0.0280)	(0.0337)	(0.0305)	(0.0328)	(0.0251)	(0.0259)
Tobinq	0.0267***	0.0043	0.0205***	0.0255***	0.0300***	0.0045	0.0256***
Tobinq	(0.0068)	(0.0042)	(0.0046)	(0.0042)	(0.0045)	(0.0038)	(0.0039)
Top1	−0.2066***	−0.0237	−0.2236***	−0.2283***	−0.2167***	−0.0272	−0.2251***
Top1	(0.0735)	(0.0421)	(0.0494)	(0.0456)	(0.0477)	(0.0371)	(0.0384)
FirmAge	0.0895	0.0158	−0.1382***	0.0733*	0.0749*	−0.0406	0.0664**
FirmAge	(0.0622)	(0.0405)	(0.0416)	(0.0384)	(0.0397)	(0.0318)	(0.0330)
Female	−0.2584***	−0.0213	0.0546	−0.1632***	−0.1855***	0.0108	−0.1645***
Female	(0.0626)	(0.0425)	(0.0475)	(0.0386)	(0.0411)	(0.0353)	(0.0365)
Tenure_CEO	−0.0158***	0.0006	−0.0193***	−0.0160***	−0.0176***	0.0011	−0.0158***
Tenure_CEO	(0.0044)	(0.0028)	(0.0029)	(0.0027)	(0.0029)	(0.0025)	(0.0026)
Dual	0.0486***	0.0094	0.0652***	0.0602***	0.0521***	0.0092	0.0609***
Dual	(0.0130)	(0.0087)	(0.0088)	(0.0080)	(0.0086)	(0.0075)	(0.0078)
Indep_per	−0.3643***	−0.0364	−0.3713***	−0.3729***	−0.3945***	−0.0209	−0.3767***
Indep_per	(0.0853)	(0.0576)	(0.0540)	(0.0513)	(0.0572)	(0.0506)	(0.0524)
Indep_age	0.2957***	−0.0184	0.1964***	0.2340***	0.2100***	−0.0571*	0.2362***
Indep_age	(0.0559)	(0.0355)	(0.0379)	(0.0347)	(0.0371)	(0.0307)	(0.0318)
Constant	−1.6144***	0.8521***	−0.7039***	−1.0779***	−1.0834***	0.8167***	−0.3948**
Constant	(0.3560)	(0.2299)	(0.2592)	(0.2195)	(0.2346)	(0.1963)	(0.1901)
Firm FE	YES	YES	YES	YES	YES	YES	YES
Year FE	YES	YES	YES	YES	YES	YES	YES
R²	0.6941	0.2517	0.6525	0.6445	0.6340	0.0403	0.3736
Observations	20,310	36,534	36,534	42,631	35,350	43,105	43,105
Identification							991.015***

Dependent variables	Status	Hierarchy	Status	Status	Status	Hierarchy	Status
Dependent variables	(1)	(2)	(3)	(4)	(5)	(6)	(7)
Hierarchy	−0.0206**		−0.0521				−0.0591*
Hierarchy	(0.0080)		(0.0628)				(0.0329)
Hierarchy_lag		0.0903***
Hierarchy_lag		(0.0063)
Hierarchy_resid			0.0363
Hierarchy_resid			(0.0625)
Treat * Post1				−0.0134**
Treat * Post1				(0.0065)
Treat * Post2					0.0145**
Treat * Post2					(0.0073)
Hierarchy_ind						0.9662***
Hierarchy_ind						(0.0307)
Size	0.0748***	−0.0202***	0.0574***	0.0645***	0.0704***	−0.0208***	0.0632***
Size	(0.0109)	(0.0066)	(0.0076)	(0.0067)	(0.0072)	(0.0056)	(0.0058)
Lev	0.1293***	0.0569**	0.1264***	0.1369***	0.1367***	0.0332	0.1372***
Lev	(0.0388)	(0.0257)	(0.0267)	(0.0243)	(0.0256)	(0.0218)	(0.0226)
Grossprofit	−0.0454	0.0082	−0.0490	−0.0403	−0.0684**	0.0083	−0.0450*
Grossprofit	(0.0503)	(0.0280)	(0.0337)	(0.0305)	(0.0328)	(0.0251)	(0.0259)
Tobinq	0.0267***	0.0043	0.0205***	0.0255***	0.0300***	0.0045	0.0256***
Tobinq	(0.0068)	(0.0042)	(0.0046)	(0.0042)	(0.0045)	(0.0038)	(0.0039)
Top1	−0.2066***	−0.0237	−0.2236***	−0.2283***	−0.2167***	−0.0272	−0.2251***
Top1	(0.0735)	(0.0421)	(0.0494)	(0.0456)	(0.0477)	(0.0371)	(0.0384)
FirmAge	0.0895	0.0158	−0.1382***	0.0733*	0.0749*	−0.0406	0.0664**
FirmAge	(0.0622)	(0.0405)	(0.0416)	(0.0384)	(0.0397)	(0.0318)	(0.0330)
Female	−0.2584***	−0.0213	0.0546	−0.1632***	−0.1855***	0.0108	−0.1645***
Female	(0.0626)	(0.0425)	(0.0475)	(0.0386)	(0.0411)	(0.0353)	(0.0365)
Tenure_CEO	−0.0158***	0.0006	−0.0193***	−0.0160***	−0.0176***	0.0011	−0.0158***
Tenure_CEO	(0.0044)	(0.0028)	(0.0029)	(0.0027)	(0.0029)	(0.0025)	(0.0026)
Dual	0.0486***	0.0094	0.0652***	0.0602***	0.0521***	0.0092	0.0609***
Dual	(0.0130)	(0.0087)	(0.0088)	(0.0080)	(0.0086)	(0.0075)	(0.0078)
Indep_per	−0.3643***	−0.0364	−0.3713***	−0.3729***	−0.3945***	−0.0209	−0.3767***
Indep_per	(0.0853)	(0.0576)	(0.0540)	(0.0513)	(0.0572)	(0.0506)	(0.0524)
Indep_age	0.2957***	−0.0184	0.1964***	0.2340***	0.2100***	−0.0571*	0.2362***
Indep_age	(0.0559)	(0.0355)	(0.0379)	(0.0347)	(0.0371)	(0.0307)	(0.0318)
Constant	−1.6144***	0.8521***	−0.7039***	−1.0779***	−1.0834***	0.8167***	−0.3948**
Constant	(0.3560)	(0.2299)	(0.2592)	(0.2195)	(0.2346)	(0.1963)	(0.1901)
Firm FE	YES	YES	YES	YES	YES	YES	YES
Year FE	YES	YES	YES	YES	YES	YES	YES
R²	0.6941	0.2517	0.6525	0.6445	0.6340	0.0403	0.3736
Observations	20,310	36,534	36,534	42,631	35,350	43,105	43,105
Identification							991.015***

Note(s): This table reports a set of endogeneity tests. Column (1) presents the PSM estimation based on the matched sample constructed using all baseline control variables. Columns (2) and (3) report the Hausman–Wu tests. Columns (4) and (5) display results for the PSM-DID approach. Columns (6) and (7) present the instrumental variable results. ***, **, and * indicate significance at the 1%, 5%, and 10% levels and standard errors are reported in parentheses

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