Table 3. Endogeneity issues Variables M1...

Table 3.

Endogeneity issues

Variables	M1	M2	M3	M4
IV	0.4510*** (0.0439)		0.4137*** (0.0318)
short		−0.4587*** (0.0561)		−0.4379** (0.0365)
Digital	0.0207** (0.0099)	0.0621*** (0.0147)	0.0793*** 0.01806	0.0796*** (0.01806)
$s h o r t \times d i g i t a l$	0.0873*** (0.0209)	0.0873*** (0.0209)	0.0190* (0.0099)	0.0189*** (0.0096)
Control variables	No	No	Yes	Yes
Year	Yes	No	No	Yes
Company	Yes	Yes	No	No
Observations	35,635	35,635	35,635	35,635
Within $R^{2}$	0.2258	0.1486	0.2356	0.2357
Cragg-Donald Wald F statistic	28,173.58	2,680.277	2,678.750	2,680.845
Kleibergen-Paap rk LM (p-value)	0.0000	0.0000	0.0000	0.0000

Variables	M1	M2	M3	M4
IV	0.4510*** (0.0439)		0.4137*** (0.0318)
short		−0.4587*** (0.0561)		−0.4379** (0.0365)
Digital	0.0207** (0.0099)	0.0621*** (0.0147)	0.0793*** 0.01806	0.0796*** (0.01806)
$s h o r t \times d i g i t a l$	0.0873*** (0.0209)	0.0873*** (0.0209)	0.0190* (0.0099)	0.0189*** (0.0096)
Control variables	No	No	Yes	Yes
Year	Yes	No	No	Yes
Company	Yes	Yes	No	No
Observations	35,635	35,635	35,635	35,635
Within $R^{2}$	0.2258	0.1486	0.2356	0.2357
Cragg-Donald Wald F statistic	28,173.58	2,680.277	2,678.750	2,680.845
Kleibergen-Paap rk LM (p-value)	0.0000	0.0000	0.0000	0.0000

Notes:

Control variables are in Table 1. *, ** and ***indicate statistical significance at the 10, 5 and 1% levels, respectively. The standard errors are corrected for clustering at the firm level

Source: This table is offered by authors

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