Heckman two-stage test
| Variables | First stage | Second stage |
|---|---|---|
| CEO_RU | RNDTA | |
| CEO_RU | 0.002* | |
| (1.68) | ||
| Med_CEORU | 1.306*** | |
| (2.868) | ||
| MILLS | −0.002 | |
| (−0.47) | ||
| AGE | −1.537*** | −0.001 |
| (−3.364) | (−0.17) | |
| BIG4 | 0.021 | −0.001 |
| (0.114) | (−0.74) | |
| FSIZE | −0.010 | 0.001* |
| (−0.163) | (1.67) | |
| FAGE | −0.003 | 0.000** |
| (−0.723) | (2.10) | |
| TANG | −0.056 | 0.002 |
| (−0.139) | (0.75) | |
| ROE | −0.726* | 0.010*** |
| (−1.812) | (3.20) | |
| CASHEQ | 0.762 | −0.003 |
| (1.294) | (−0.81) | |
| SCORE | −0.021** | −0.000 |
| (−2.335) | (−0.83) | |
| GDP | −0.123 | 0.002 |
| (−0.177) | (0.35) | |
| Constant | 7.707 | −0.032 |
| (0.774) | (−0.44) | |
| Industry FE | Included | Included |
| Country FE | Included | Included |
| R2 (Pseudo R2) | 0.210 | 0.103 |
| N | 411 | 411 |
| Variables | First stage | Second stage |
|---|---|---|
| 0.002* | ||
| (1.68) | ||
| 1.306*** | ||
| (2.868) | ||
| −0.002 | ||
| (−0.47) | ||
| −1.537*** | −0.001 | |
| (−3.364) | (−0.17) | |
| 0.021 | −0.001 | |
| (0.114) | (−0.74) | |
| −0.010 | 0.001* | |
| (−0.163) | (1.67) | |
| −0.003 | 0.000** | |
| (−0.723) | (2.10) | |
| −0.056 | 0.002 | |
| (−0.139) | (0.75) | |
| −0.726* | 0.010*** | |
| (−1.812) | (3.20) | |
| 0.762 | −0.003 | |
| (1.294) | (−0.81) | |
| −0.021** | −0.000 | |
| (−2.335) | (−0.83) | |
| −0.123 | 0.002 | |
| (−0.177) | (0.35) | |
| 7.707 | −0.032 | |
| (0.774) | (−0.44) | |
| 0.210 | 0.103 | |
| 411 | 411 |
Note(s): t-statistics are given in parentheses
*p < 0.1, **p < 0.05, ***p < 0.01
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