Table 4. Instrumental variable test... | Emerald Publishing

Table 4.

Instrumental variable test results

Variable	First stage	Second stage
	(1)	(2)	(3)	(4)
	Digital	Explore	Exploit	Balance
Digital		0.375*** (5.60)	0.294*** (4.44)	0.137*** (4.48)
IV	0.867*** (34.40)
Control variables	Control	Control	Control	Control
Industry/year fixed effects	Yes	Yes	Yes	Yes
Sample size	20,938	20,938	20,943	20,943
R²		0.035	0.027	0.023
Kleibergen−Paap rk LM statistic				205.298***
Kleibergen−Paap Wald rk F-statistic				1,183.697
StockYogo weak instrumental variable test critical values				16.38

Variable	First stage	Second stage
	(1)	(2)	(3)	(4)
	Digital	Explore	Exploit	Balance
Digital		0.375*** (5.60)	0.294*** (4.44)	0.137*** (4.48)
IV	0.867*** (34.40)
Control variables	Control	Control	Control	Control
Industry/year fixed effects	Yes	Yes	Yes	Yes
Sample size	20,938	20,938	20,943	20,943
R²		0.035	0.027	0.023
Kleibergen−Paap rk LM statistic				205.298***
Kleibergen−Paap Wald rk F-statistic				1,183.697
StockYogo weak instrumental variable test critical values				16.38

Note(s):

The t-statistics are in parentheses

Source(s): Table created by the authors