Table 6 The endogeneity test by LIML...

Table 6

The endogeneity test by LIML estimator

Estimator: LIML and LPM	Inverted U-shaped relationship
	LIML			LPM
	1st stage		2nd stage	(Baseline regression)
DVs	Options	Options2	Success	Success
LogTextlen	0.013 (0. 035)	0.042 (0.468)	0.049*** (0.020)	0.052*** (0.007)
LogVideos	0.238*** (0.055)	2.923*** (0.737)	0.085*** (0.019)	0.092*** (0.015)
LogPricerange	0.527*** (0.011)	6.492*** (0.143)	0.004 (0.016)	0.015*** (0.003)
LogTarget	−0.148*** (0.014)	−1.599*** (0.184)	−0.055*** (0.008)	−0.068*** (0.004)
LogDuration	0.271*** (0.032)	2.976*** (0.430)	−0.130*** (0.016)	−0.106*** (0.009)
Experience	0.001*** (0.000)	0.006*** (0.001)	0.000*** (0.000)	0.000*** (0.000)
SocialNetwork	−0.052 (0.053)	−0.868 (0.708)	0.073*** (0.017)	0.086*** (0.014)
Locations	√	√	√	√
IDs	√	√	√	√
ProjectType	√	√	√	√
BeginMonth	√	√	√	√
EndMonth	√	√	√	√
Options	0.067** (0.010)*	0.709** (0.138)*	0.658* (0.254)*	0.064** (0.012)*
Options2	−0.001* (0.000)*	−0.009 (0.005)*	−0.050* (0.020)*	−0.003** (0.001)*
Constant	1.497*** (0.347)	−13.940 (4.665)	−1.141⁺ (0.673)	0.670*** (0.087)
Observations	8,930	8,930	8,930	9,179
Summary of endogeneity test statistics
Under identification test
Kleibergen-Paap rk LM statistic			15.72
p-Value			0.000
Weak identification test
Cragg-Donald Wald F statistic			11.38
Kleibergen-Paap rk Wald F statistic			8.02
Stock-Yogo weak ID test critical values: 10% maximal IV size			7.03

Estimator: LIML and LPM	Inverted U-shaped relationship
	LIML			LPM
	1st stage		2nd stage	(Baseline regression)
DVs	Options	Options2	Success	Success
LogTextlen	0.013 (0. 035)	0.042 (0.468)	0.049*** (0.020)	0.052*** (0.007)
LogVideos	0.238*** (0.055)	2.923*** (0.737)	0.085*** (0.019)	0.092*** (0.015)
LogPricerange	0.527*** (0.011)	6.492*** (0.143)	0.004 (0.016)	0.015*** (0.003)
LogTarget	−0.148*** (0.014)	−1.599*** (0.184)	−0.055*** (0.008)	−0.068*** (0.004)
LogDuration	0.271*** (0.032)	2.976*** (0.430)	−0.130*** (0.016)	−0.106*** (0.009)
Experience	0.001*** (0.000)	0.006*** (0.001)	0.000*** (0.000)	0.000*** (0.000)
SocialNetwork	−0.052 (0.053)	−0.868 (0.708)	0.073*** (0.017)	0.086*** (0.014)
Locations	√	√	√	√
IDs	√	√	√	√
ProjectType	√	√	√	√
BeginMonth	√	√	√	√
EndMonth	√	√	√	√
Options	0.067*** (0.010)	0.709*** (0.138)	0.658** (0.254)	0.064*** (0.012)
Options2	−0.001** (0.000)	−0.009* (0.005)	−0.050** (0.020)	−0.003*** (0.001)
Constant	1.497*** (0.347)	−13.940 (4.665)	−1.141⁺ (0.673)	0.670*** (0.087)
Observations	8,930	8,930	8,930	9,179
Summary of endogeneity test statistics
Under identification test
Kleibergen-Paap rk LM statistic			15.72
p-Value			0.000
Weak identification test
Cragg-Donald Wald F statistic			11.38
Kleibergen-Paap rk Wald F statistic			8.02
Stock-Yogo weak ID test critical values: 10% maximal IV size			7.03

Note(s): (1) + p < 0.1, *p < 0.05, **p < 0.01, ***p < 0.001; (2) Observations Difference is caused by trimming the outliers of NoOfPicutres

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