Variables | (36) First stage | (37) Second stage | (38) First stage | (39) Second stage | (40) First stage | (41) Second stage |
---|---|---|---|---|---|---|
DIG | PG | DIG | PG | DIG | PG | |
IVDT | 1.1736*** | 0.5226*** | 1.4850*** | 0.7627*** | 1.5036*** | 0.4130*** |
(24.8842) | (9.4397) | (14.4863) | (7.8545) | (21.1899) | (6.1251) | |
FDb |  |  | − 0.0551** | − 0.1832*** |  |  |
 |  | (− 2.3268) | (− 6.1176) |  |  | |
IVDT × FDb |  |  | − 0.4867*** | 0.2851** |  |  |
 |  | (− 3.7785) | (2.2111) |  |  | |
FDc |  |  |  |  | − 0.0364*** | − 0.0187*** |
 |  |  |  | (− 6.5732) | (− 3.2353) | |
IVDT × FDc |  |  |  |  | 0.0298 | 0.1125*** |
 |  |  |  | (1.5023) | (5.6672) | |
(− 6.6979) | (17.0751) | (− 6.6383) | (17.3188) | (− 6.6041) | (17.1355) | |
Constant | 0.6610*** | 0.2424*** | 0.7241*** | 0.2814*** | 0.6601*** | 0.3205*** |
Control | Yes | Yes | Yes | Yes | Yes | Yes |
F Value | 130.55*** | 54.13*** | 112.98*** | 45.57*** | 116.04*** | 47.49*** |
LM statistic | Â | 602.357*** | Â | 228.251*** | Â | 415.766*** |
Cragg-Donald Wald F statistic | Â | 619.224 | Â | 115.262 | Â | 211.806 |
Observations | 21,649 | 21,649 | 21,649 | 21,649 | 21,649 | 21,649 |
R-squared | 0.068 | 0.023 | 0.068 | − 0.098 | 0.070 | − 0.026 |