|
| (1) | (2) |
| Instrument variable | Number of executive shares | The lag period of competitive position variables |
| Descriptive statistics of instrumental variables |
|
|
| Average value | 14.606 | 0.110 |
| Standard deviation | 3.407 | 0.138 |
| Instrumental variable validity test |
|
|
| Sargan statistic (value) | 0.642 | 0.642 |
| Cragg-Donald Wald F statistic | 86.639 | 86.639 |
| Stock-Yogo bias critical value | 19.93 (10%) | 19.93 (10%) |
| Underidentification test (p value) | 0.000 | 0.000 |
| Endogenous test |
|
|
| Davidson-MacKinnon test (p value) | 0.167 | 0.167 |