| Variable | 1st stage | 2nd stage | 1st stage | 2nd stage |
| (1) L.MPU | (2) FA | (1) L.MPU | (2) FA | |
| L.WUI | −0.035*** |
|
|
|
|
| (−35.66) |
|
|
|
| L.USEPU |
|
| 0.033*** |
|
|
|
|
| (26.82) |
|
| L.USMPU |
|
| 0.019*** |
|
|
|
|
| (24.67) |
|
| L.MPU |
| −0.438*** |
| −0.186** |
|
|
| (−6.41) |
| (−2.25) |
| Firm controls | YES | YES | YES | YES |
| Macroeconomic controls | YES | YES | YES | YES |
| Firm-fixed effect | YES | YES | YES | YES |
| Observations | 21,854 | 21,854 | 21,854 | 21,854 |
| R2 |
| 0.126 |
| 0.139 |
| Underidentification test (LM) |
| 1271.94 |
| 1815.82 |
| Weak instrumental variable test (F) |
| 2085.17 |
| 684.858 |