变量

Power

Gtfp

Gtfp

Gtfp

2SLS第一阶段回归

2SLS第二阶段 回归

管理层权力 分组检验

变换实证检验

(1)

(2)

(3)

(4)

Instrumented Power

−0.2490^*

(0.146)

Edu

0.0479^***

(0.015)

Man

0.1031^***

(0.016)

Power

−0.045^**

(−2.033)

Power_Dummy

−2.321^***

(−3.265)

First

−0.3884^***

−0.1344^**

−0.989^***

0.049

(0.015)

(0.060)

(−2.865)

(1.000)

Age

−0.0224

−0.0416^**

−0.399

−0.595^***

(0.016)

(0.018)

(−1.211)

(−12.303)

Pattern

−0.1448^***

−0.0846^***

−0.948^***

−0.126

(0.017)

(0.022)

(−2.872)

(−1.009)

Xjldx

0.0127

0.0022

0.106

−0.001

(0.014)

(0.015)

(0.438)

(−0.101)

Asset

−0.0040

−0.1023^***

−1.322^***

−0.032

(0.015)

(0.016)

(−4.093)

(−0.743)

Profit

0.0445^***

0.0016

−0.106

−0.036^**

(0.015)

(0.017)

(−0.347)

(−2.072)

constant

−0.0309

−0.3594^***

−6.224^***

−0.130^***

(0.036)

(0.039)

(−6.252)

(−8.999)

Year

Yes

Yes

Yes

Yes

N

4001

4001

4182

4182

R²

0.186

0.028

0.063

弱工具变量检验

Robust F-statistic (inshturments)

27.5035

F-statistic P-value

0.0000

过度识别检验

P-value

0.5441