Endogeneity tests
| Variables | (1) | (2) | (3) |
|---|---|---|---|
| First stage: ClimateRisk | First-stage: ClimateRisk² | GTrans | |
| IV1 | 6.065*** (9.390) | 3.441*** (8.399) | |
| IV2 | −0.233*** (−21.549) | −0.164*** (−17.637) | |
| ClimateRisk | 8.199*** (8.572) | ||
| ClimateRisk² | −13.499*** (−8.132) | ||
| Controls | Yes | Yes | Yes |
| Firm FE | Yes | Yes | Yes |
| Year FE | No | No | No |
| Prov*year FE | Yes | Yes | Yes |
| Observations | 43,309 | 43,309 | 43,309 |
| First-stage F statistics | 301.78 | 177.76 | |
| KP rk Wald F | 38.167 | ||
| KP rk LM | 18.28 | ||
| Variables | (1) | (2) | (3) |
|---|---|---|---|
| First stage: ClimateRisk | First-stage: ClimateRisk² | GTrans | |
| IV1 | 6.065 | 3.441 | |
| IV2 | −0.233 | −0.164 | |
| ClimateRisk | 8.199 | ||
| ClimateRisk² | −13.499 | ||
| Controls | Yes | Yes | Yes |
| Firm | Yes | Yes | Yes |
| Year | No | No | No |
| Prov*year | Yes | Yes | Yes |
| Observations | 43,309 | 43,309 | 43,309 |
| First-stage | 301.78 | 177.76 | |
| 38.167 | |||
| 18.28 | |||
t-statistics based on standard errors triple-clustered at the firm, province and year levels are reported in parentheses. The Kleibergen–Paap rk Wald F statistic is 38.167, exceeding the Stock–Yogo critical value of 7.03. ***, ** and * indicate statistical significance at the 1, 5 and 10% levels, respectively
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