Variable

1-Stage

2-Stage

1-Stage

2-Stage

Degree_t−1

R&D_t

Degree_t−1

ln(1 + Apply)_t

avgRegionDegree_t−1

0.5230***

0.5211***

(0.0370)

(0.0370)

ln(FirmNumRegion)_t−1

0.0106***

0.0104***

(0.0013)

(0.0013)

Degree_t−1

0.0460***

1.0642**

(0.0098)

(0.4663)

ln(ManagerNum)_t−1

0.1567***

−0.0026

0.1559***

0.2128**

(0.0048)

(0.0018)

(0.0048)

(0.0871)

ln(ManagerAvgAge)_t−1

0.0822***

−0.0211***

0.0852***

−0.6693***

(0.0172)

(0.0042)

(0.0172)

(0.1740)

Size_t−1

0.0145***

−0.0004*

0.0145***

0.2807***

(0.0011)

(0.0003)

(0.0011)

(0.0134)

Lev_t−1

−0.0087

−0.0283***

−0.0044

−0.2952***

(0.0055)

(0.0013)

(0.0057)

(0.0531)

ROE_t−1

0.0213***

−0.0001

0.0221***

0.6019***

(0.0077)

(0.0016)

(0.0077)

(0.0726)

R&D_t−1

0.1556***

5.6928***

(0.0349)

(0.4121)

CapitalExp_t−1

0.0103

0.0149***

0.0075

1.6587***

(0.0218)

(0.0053)

(0.0218)

(0.2117)

TAR_t−1

0.0146

−0.0160***

0.0173

0.6805***

(0.0145)

(0.0036)

(0.0145)

(0.1245)

FCF_t−1

0.0022**

−0.0000

0.0022**

0.0549***

(0.0011)

(0.0002)

(0.0011)

(0.0098)

Sales_t−1

0.0003*

−0.0003***

0.0004**

0.0075***

(0.0002)

(0.0000)

(0.0002)

(0.0019)

SGR_t−1

0.0015

−0.0010***

0.0016

−0.0699***

(0.0018)

(0.0003)

(0.0018)

(0.0156)

ln(1 + Age)_t−1

0.0097***

−0.0068***

0.0107***

−0.2030***

(0.0014)

(0.0003)

(0.0014)

(0.0151)

Year Fixed Effects

YES

YES

YES

YES

Industry Fixed Effects

YES

YES

YES

YES

Kleibergen-Paap rk LM

345.993***

339.312***

Kleibergen-Paap rk Wald F

187.462***

183.549***

Hansen J

0.427

1.198

F

211.837***

156.454***

198.697***

182.096***

Adj. R²

0.213

0.464

0.214

0.390

Observations

16,614

16,614

16,614

16,614