Table 3 2SLS instrumental variable model

IV_Ad

1.027^a (11.87)

H_Ad

−2.027^a (−3.15)

Debt

−0.008^c (−1.89)

−0.272^a (−4.47)

Size

−0.001 (−0.76)

0.015 (0.96)

Mb

0.001^c (1.65)

−0.042^b (−2.38)

Turnover

−0.001^a (−2.62)

−0.111^a (−12.33)

Big4

0.007^b (2.17)

−0.127^a (−3.00)

Age

0.002 (1.27)

0.055^a (3.06)

Roa

0.061^a (4.29)

0.043 (0.21)

Institution

0.001 (0.44)

−0.235^a (−4.58)

Top1

0.004 (0.72)

−0.172^b (−2.57)

Msh

0.001 (0.78)

0.016 (0.79)

Independent

−0.008 (−0.68)

0.067 (0.42)

_Cons

0.013 (0.81)

0.278 (0.75)

Year fixed effects

Yes

Yes

Industry fixed effects

Yes

Yes

No. of obs.

9,360

9,360

With-in R²

0.315

0.323

Cragg-Donald Wald F

2093.599^a