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Table 3 2SLS instrumental variable model

From: The capital market spillover effect of product market advertising: Evidence from stock price synchronicity

Variable  First stageSecond stage
(1)(2)
IV_Ad1.027a (11.87) 
H_Ad −2.027a (−3.15)
Debt−0.008c (−1.89)−0.272a (−4.47)
Size−0.001 (−0.76)0.015 (0.96)
Mb0.001c (1.65)−0.042b (−2.38)
Turnover−0.001a (−2.62)−0.111a (−12.33)
Big40.007b (2.17)−0.127a (−3.00)
Age0.002 (1.27)0.055a (3.06)
Roa0.061a (4.29)0.043 (0.21)
Institution0.001 (0.44)−0.235a (−4.58)
Top10.004 (0.72)−0.172b (−2.57)
Msh0.001 (0.78)0.016 (0.79)
Independent−0.008 (−0.68)0.067 (0.42)
_Cons0.013 (0.81)0.278 (0.75)
Year fixed effectsYesYes
Industry fixed effectsYesYes
No. of obs.9,3609,360
With-in R20.3150.323
Cragg-Donald Wald F2093.599a 
  1. Notes. Numbers in parentheses are t-statistics based on standard errors clustered by firm when we control for year and industry effects
  2. a, b, and c denote statistical significance at the 1%, 5%, and 10% levels, respectively