Two-stage test results
| Variable | Heckman | |
|---|---|---|
| (1) | (2) | |
| 1st stage | 2nd stage | |
| Reform | Δlnpatent | |
| Reform | 0.3483** | |
| (2.10) | ||
| IV1 | 0.2553*** | |
| (2.96) | ||
| IV2 | ||
| IMR | −2.0177 | |
| (−1.06) | ||
| Controls | Yes | Yes |
| Year | Yes | Yes |
| Ind. | Yes | Yes |
| Constant | 0.1024 | 2.8009 |
| (0.05) | (1.03) | |
| N | 654 | 654 |
| Wald χ2 | 31.70 | |
| Variable | Heckman | |
|---|---|---|
| (1) | (2) | |
| 1st stage | 2nd stage | |
| 0.3483** | ||
| (2.10) | ||
| 0.2553*** | ||
| (2.96) | ||
| −2.0177 | ||
| (−1.06) | ||
| Controls | Yes | Yes |
| Year | Yes | Yes |
| Ind. | Yes | Yes |
| Constant | 0.1024 | 2.8009 |
| (0.05) | (1.03) | |
| 654 | 654 | |
| Wald | 31.70 | |
Note(s): IV1 is the natural logarithm of firm numbers participating in the Reform in the same industry and year. IMR is the Inverse Mill’s Ratio achieved from our probit test. Controls are the same in our previous tests. ***, **, and *respectively indicate significance level at 1, 5, and 10%
Source(s): Table by authors
Sharing content requires targeting cookies to be enabled. Please update your cookie preferences to use this feature.