Endogeneity of corruption
| Formal debt | Informal debt | Owner's equity | Retained earnings | |
|---|---|---|---|---|
| [1] | [2] | [3] | [4] | |
| Hausman test of endogeneity (j2) | 15.792 [0.000] | 9.363 [0.002] | 5.106 [0.024] | 17.237 [0.000] |
| Sargan x2 statistic (Over-identification test) | 0.074 [0.785] | 0.794 [0.373] | 0.364 [0.546] | 0.015 [0.902] |
| Anderson canon. corr. LM statistic (under-identification test) | 27.010 [0.000] | 22.900 [0.000] | 45.035 [0.000] | 85.173 [0.000] |
| Cragg–Donald Wald F-statistic (weak identification test) | 13.560 [0.000] | 11.485 [0.000] | 22.714 [0.000] | 43.406 [0.000] |
| Formal debt | Informal debt | Owner's equity | Retained earnings | |
|---|---|---|---|---|
| [1] | [2] | [3] | [4] | |
| Hausman test of endogeneity ( | 15.792 [0.000] | 9.363 [0.002] | 5.106 [0.024] | 17.237 [0.000] |
| Sargan x2 statistic (Over-identification test) | 0.074 [0.785] | 0.794 [0.373] | 0.364 [0.546] | 0.015 [0.902] |
| Anderson canon. corr. LM statistic (under-identification test) | 27.010 [0.000] | 22.900 [0.000] | 45.035 [0.000] | 85.173 [0.000] |
| Cragg–Donald Wald F-statistic (weak identification test) | 13.560 [0.000] | 11.485 [0.000] | 22.714 [0.000] | 43.406 [0.000] |
Note(s): This table reports endogeneity tests of corruption on financing structure from four given specifications using 2SLS. P-values are in brackets. The instruments are included in all four specifications. Year and location effects are included. The number of observations is 5,252
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