Variables | Model 1 | Model 2 | Model 3 | Model 4 | Model 5 | |
---|---|---|---|---|---|---|
SNI | SWB | IR | SNE | IR | ||
The IV of SNI | 0.746*** | 0.786*** | ||||
(36.25) | (36.57) | |||||
SNI | 0.147*** | 0.124*** | ||||
(5.23) | (8.83) | |||||
The IV of SNE | 0.786*** | |||||
(36.57) | ||||||
SNE | 0.167*** | |||||
(11.61) | ||||||
Constant | -0.165*** | 2.569*** | 3.364*** | -0.080* | 3.285*** | |
(-4.15) | (66.04) | (172.42) | (-1.87) | (150.27) | ||
R-squared | 0.141 | 0.092 | 0.114 | 0.096 | 0.102 | |
Weak IV test | The first stage F | 237.33*** | 153.16*** | |||
Cragg-Donald Wald F statistic | 1314 | 1337 | ||||
Stock-Yogo bias critical value | 16.38 | 16.38 | ||||
Kleibergen-Paap rk Wald F | 1300 | 949 | ||||
Endogeneity test | Hausman test | 4.373* | 21.608*** | |||
Unidentifiable test | Kleibergen-Paap rk LM statistic | 1025*** | 1211*** |