| IV-FE | IV-FE | IV-FE | IV-FE | IV-FE | IV-FE | IV-FE | IV-FE | IV-FE | IV-FE | IV-FE | IV-FE | IV-FE |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Excluded Country | AUT | BEL | DNK | FIN | FRA | GER | IRL | ITA | NLD | PRT | SPA | SWE | UK |
EPL | 0.017 | 0.008 | 0.011 | 0.011 | 0.012 | 0.013 | 0.011 | 0.006 | 0.011 | 0.016 | 0.028 | 0.007 | 0.009 |
(0.005)*** | (0.003)*** | (0.004)*** | (0.003)*** | (0.003)*** | (0.003)*** | (0.004)*** | (0.002)** | (0.003)*** | (0.004)*** | (0.011)*** | (0.003)** | (0.003)*** | |
EPL*FJR | −0.184 | −0.114 | −0.148 | −0.143 | −0.152 | −0.172 | −0.126 | −0.101 | −0.110 | −0.174 | −0.347 | −0.077 | −0.101 |
(0.054)*** | (0.042)*** | (0.047)*** | (0.046)*** | (0.046)*** | (0.048)*** | (0.048)*** | (0.042)** | (0.044)** | (0.049)** | (0.131)** | (0.040)** | (0.046)** | |
TE | −0.373 | −0.191 | −0.261 | −0.282 | −0.289 | −0.265 | −0.265 | −0.144 | −0.286 | −0.275 | −0.578 | −0.259 | −0.177 |
(0.105)** | (0.049)*** | (0.071)*** | (0.075)*** | (0.068)*** | (0.070)*** | (0.084)*** | (0.046)*** | (0.074)*** | (0.076)*** | (0.298)** | (0.069)*** | (0.079)** | |
TUD | −0.001 | −0.001 | −0.001 | −0.001 | −0.001 | −0.001 | −0.001 | −0.001 | −0.001 | −0.001 | 0.000 | −0.001 | −0.001 |
(0.000)* | (0.000) | (0.000) | (0.000)** | (0.000) | (0.000)* | (0.000)* | (0.000) | (0.000)** | (0.000)** | (0.000) | (0.000)** | (0.000) | |
TREND | 0.039 | 0.029 | 0.031 | 0.038 | 0.033 | 0.034 | 0.034 | 0.027 | 0.032 | 0.030 | 0.043 | 0.034 | 0.021 |
(0.033) | (0.027) | (0.028) | (0.029) | (0.029) | (0.029) | (0.028) | (0.025) | (0.029) | (0.028) | (0.043) | (0.028) | (0.028) | |
Sector dummies | YES | YES | YES | YES | YES | YES | YES | YES | YES | YES | YES | YES | YES |
Country dummies | YES | YES | YES | YES | YES | YES | YES | YES | YES | YES | YES | YES | YES |
Year dummies | YES | YES | YES | YES | YES | YES | YES | YES | YES | YES | YES | YES | YES |
Endogeneity testa | p=0.000 | p=0.017 | p=0.004 | p=0.001 | p=0.000 | p=0.003 | p=0.010 | p=0.228 | p=0.003 | p=0.002 | p=0.002 | p=0.006 | p=0.230 |
Observations | 1680 | 1680 | 1680 | 1680 | 1680 | 1680 | 1680 | 1680 | 1680 | 1680 | 1680 | 1680 | 1680 |
R-squared | 0.9988 | 0.9992 | 0.9991 | 0.9990 | 0.9990 | 0.9991 | 0.9991 | 0.9992 | 0.9990 | 0.9991 | 0.9981 | 0.9991 | 0.9992 |