| Estimation Method | IV-TSLS | IV-GMM |
| income growthijd | (1) | (2) |
| log(incomeijdt) | −0.346*** | −0.346*** |
|
| (0.104) | (0.104) |
| ageijdt | −0.007*** | −0.007*** |
|
| (0.012) | (0.012) |
| VDijdt | −0.307 | −0.307 |
|
| (1.395) | (1.395) |
| log(popdesct) | −0.045 | −0.045 |
|
| (0.754) | (0.754) |
| Small size | Ref. | Ref. |
| Medium small size | −0.148*** | −0.148*** |
|
| (0.327) | (0.327) |
| Medium large size | −0.226*** | −0.226*** |
|
| (0.555) | (0.555) |
| Large size | −0.216*** | −0.216*** |
|
| (0.619) | (0.619) |
| Geographic dummy | Yes | Yes |
| Industrial dummy | Yes | Yes |
| RVdt | 0.894 | 0.894 |
|
| (6.210) | (6.210) |
| UVdt | −0.052 | −0.052 |
|
| (1.154) | (1.154) |
| lambda | −7.582*** | −7.582*** |
|
| (2.029) | (2.029) |
| Endogeneity Test(chi-square [p-value]) | 7.129 [0.028] | 7.129 [0.028] |
| Cragg-Donald Wald F statistics | 894.789 | 894.789 |
| No. of Obs. | 83,067 | 83,067 |
| R-Squared | 0.448 | 0.448 |
| Log Likelihood | −120,235 | −120,235 |
| Chi Square | 117954.10 | 117954.10 |
| Selection Equation |
|
|
| No. of Obs. | 84,868 | 84,868 |
| Pseudo-R-Squared | 0.015 | 0.007 |
| Log Pseudo-Likelihood | −8523.46 | −8593.29 |
| Wald Chi Square [p-value] | 192.36 [0.000] | 131.40 [0.000] |