Endogeneity checks, based on 2SLS and instrumental variable
| Panel A: first stage of 2SLS | ||||
| Variables | CBS | CBS | CBS | CBS |
| CBS_mean | 4.87** | 4.87** | 4.87** | 4.87** |
| CONTROLS | YES | YES | YES | YES |
| N | 978 | 978 | 978 | 978 |
| CONSTANT | 0.113** | 0.113** | 0.113** | 0.113** |
| Pseudo R² | 0.142 | 0.142 | 0.142 | 0.142 |
| Panel B: second stage of 2SLS | ||||
| Variables | Model 9 (ASSU) | Model 10 (ASSUQ1) | Model 11 (ASSUQ2) | Model 12 (ASSUQ3) |
| CBS | 2.238** | 2.212** | 2.298** | 2.210** |
| CONTROLS | YES | YES | YES | YES |
| YEAR | YES | YES | YES | YES |
| INDU | YES | YES | YES | YES |
| N | 978 | 978 | 978 | 978 |
| CONSTANT | 0.145* | 0.135* | 0.156* | 0.154* |
| Pseudo R² | 0.212 | 0.209 | 0.221 | 0.202 |
| Variables | CBS | CBS | CBS | CBS |
| CBS_mean | 4.87 | 4.87 | 4.87 | 4.87 |
| CONTROLS | YES | YES | YES | YES |
| 978 | 978 | 978 | 978 | |
| CONSTANT | 0.113 | 0.113 | 0.113 | 0.113 |
| Pseudo | 0.142 | 0.142 | 0.142 | 0.142 |
| Variables | Model 9 | Model 10 | Model 11 | Model 12 |
| CBS | 2.238 | 2.212 | 2.298 | 2.210 |
| CONTROLS | YES | YES | YES | YES |
| YEAR | YES | YES | YES | YES |
| INDU | YES | YES | YES | YES |
| 978 | 978 | 978 | 978 | |
| CONSTANT | 0.145 | 0.135 | 0.156 | 0.154 |
| Pseudo | 0.212 | 0.209 | 0.221 | 0.202 |
Notes:
*Significance at the 10% level; **significance at the 5% level; ***significance at the 1% level