Table 7 Two-stage least squares (2SLS)...

Table 7

Two-stage least squares (2SLS) regression results

Variables	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)
	Model 1	Model 2	Model 3	Model 4	Model 5	Model 6	Model 7	Model 8
	FPBOD	Dependent variable = NPL
LAGFPBOD	0.881^***
LAGFPBOD	(0.0311)
FPBOD		−0.266^***	−0.179^**	−0.213^**	−0.296^***	−0.306^**	−0.366^***	−0.405^***
FPBOD		(0.0824)	(0.0890)	(0.0841)	(0.0960)	(0.134)	(0.0903)	(0.0817)
FE_IND			−0.775^***
FE_IND			(0.182)
FE_LED				−0.0615^***
FE_LED				(0.0177)
FE_EXP					−0.310^**
FE_EXP					(0.122)
FE_HEDU						−0.191
FE_HEDU						(0.168)
FE_FOREDU							−0.221
FE_FOREDU							(0.153)
FE_ACFI								−0.138
FE_ACFI								(0.164)
Constant	−0.124	2.781^***	2.627^***	2.651^***	1.462^***	1.505^***	1.538^***	1.514^***
Constant	(0.120)	(0.380)	(0.374)	(0.374)	(0.359)	(0.367)	(0.362)	(0.376)
All controls	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Year fixed	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Industry fixed	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Observations	312	312	306	306	281	281	281	281
R-squared	0.791	0.690	0.701	0.697	0.729	0.725	0.724	0.721
Adj. R-squared	0.780	0.673	0.683	0.679	0.711	0.707	0.706	0.703
F-statistic	89.49^***	45.83^***	50.15^***	44.29^***	44.84^***	43.55^***	44.52^***	43.61^***
LR statistic (underidentification test)		430.94^***	401.59^***	413.59^***	323.07^***	245.35^***	356.17^***	392.07^***
Cragg-Donald F statistic (weak identification test)		879.01^***	781.94^***	824.75^***	567.36^***	366.73^***	671.19^***	798.48^***

Variables	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)
	Model 1	Model 2	Model 3	Model 4	Model 5	Model 6	Model 7	Model 8
	FPBOD	Dependent variable = NPL
LAGFPBOD	0.881^***
LAGFPBOD	(0.0311)
FPBOD		−0.266^***	−0.179^**	−0.213^**	−0.296^***	−0.306^**	−0.366^***	−0.405^***
FPBOD		(0.0824)	(0.0890)	(0.0841)	(0.0960)	(0.134)	(0.0903)	(0.0817)
FE_IND			−0.775^***
FE_IND			(0.182)
FE_LED				−0.0615^***
FE_LED				(0.0177)
FE_EXP					−0.310^**
FE_EXP					(0.122)
FE_HEDU						−0.191
FE_HEDU						(0.168)
FE_FOREDU							−0.221
FE_FOREDU							(0.153)
FE_ACFI								−0.138
FE_ACFI								(0.164)
Constant	−0.124	2.781^***	2.627^***	2.651^***	1.462^***	1.505^***	1.538^***	1.514^***
Constant	(0.120)	(0.380)	(0.374)	(0.374)	(0.359)	(0.367)	(0.362)	(0.376)
All controls	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Year fixed	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Industry fixed	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Observations	312	312	306	306	281	281	281	281
R-squared	0.791	0.690	0.701	0.697	0.729	0.725	0.724	0.721
Adj. R-squared	0.780	0.673	0.683	0.679	0.711	0.707	0.706	0.703
F-statistic	89.49^***	45.83^***	50.15^***	44.29^***	44.84^***	43.55^***	44.52^***	43.61^***
LR statistic (underidentification test)		430.94^***	401.59^***	413.59^***	323.07^***	245.35^***	356.17^***	392.07^***
Cragg-Donald F statistic (weak identification test)		879.01^***	781.94^***	824.75^***	567.36^***	366.73^***	671.19^***	798.48^***

Note(s): Numbers in parentheses are robust standard error. Superscripts ^***, ^**, and ^* denote significance at the 1%, 5%, and 10% levels, respectively. The definitions of variables are given in Appendix

Source(s): Created by author

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