Note(s): This table reports the regression results of the endogeneity test (including the entropy balancing test, Heckman's two-stage instrumental variable method test and the 2SLS method test). See Table 1 for detailed descriptions of all variables. All specifications include year and industry fixed effects. Standard errors after robust adjustment are clustered at the firm-year level. The t-value is in parentheses. ***, ** and * indicate statistical significance at the 0.01, 0.05 and 0.10 levels, respectively (two-tailed tests)