Table 13

Heckman two-step selection model test

(1)(2)(3)(4)(5)(6)(7)(8)
GAPS_medianTONETONE_PTONE_SGAPU_medianTONETONE_PTONE_S
Variables1st stage2nd stage2nd stage2nd stage1st stage2nd stage2nd stage2nd stage
GAPS −0.002***−0.002***−0.003***    
 (−3.205)(−3.188)(−3.201)    
GAPU     −0.001**−0.001**−0.002**
     (−2.182)(−1.983)(−2.025)
CRG0.673***   1.019***   
(34.623)   (50.359)   
IMR 0.0250.0290.039 0.0180.0220.031
 (0.977)(1.129)(1.067) (1.006)(1.258)(1.212)
Constant−1.334***2.538***−0.269**−0.405**−0.2112.571***−0.236*−0.359**
(−5.933)(19.804)(−2.102)(−2.190)(−0.926)(20.898)(−1.920)(−2.023)
Control variablesYES
INDUSTRYYES
YEARYES
Observations26,87626,87626,87626,87626,87626,87626,87626,876
Adjusted-R2 or Pseudo R20.09360.09810.02470.02510.12610.09790.02450.0249

Note(s): Table 13 reports the Heckman two-step selection model. Columns 1 to 5 are Probit regression, columns 2, 3, 4, 6, 7, 8 are OLS regression. t-statistics in parentheses. *p < 0.10, **p < 0.05, ***p < 0.01. Robust t-statistics (in parentheses) are based on standard errors clustered by firm and year. All the variables are defined in Appendix A

Source(s): Authors' calculations
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