Table 6 Heckman two stage regression analysis (Endogeneity test)

INTERCEPT

− 0.0357***

0.2595

− 1.57

[0.74]

ROA

− 0.2387***

[− 2.64]

SIZE

0.007***

0.0034**

[4.08]

[1.11]

LEVERAGE

− 0.086***

− 0.041**

[− 5.99]

[− 1.43]

OCF

0.29***

0.195***

[9.15]

[2.55]

NWC

0.06***

0.027**

[4.58]

[1.43]

CAPEX

0.08**

− 0.054**

[1.67]

[− 1.06]

AGE

0.00

0.001

[1.54]

[0.06]

RND

0.13

0.474

[0.16]

[0.26]

BOD_SIZE

− 0.01

− 0.027***

[− 0.85]

[2.24]

BIG4

0.03***

− 0.019***

[5.26]

[− 1.56]

RECINV

− 0.04***

0.016

[2.34]

[0.79]

SIZE_AC

0.00

− 0.0024

[0.61]

[− .77]

INST_OWN

0.00

− 0.000

[− .41]

[− 0.22]

GOVT

0.00

− 0.001

[− 1.03]

[.22]

DUALITY

0.00

0.020**

[− .08]

[1.69]

OPINION

− 0.01

− 0.001

[− 0.75]

[− 0.08]

MBRATIO

0.0032***

[4.40]

BSEG

− 0.0005

[− 0.14]

GROWTH

0.0025

[0.56]

IMR

− 0.07

[− 0.21]

Industry control

Yes

Yes

Year control

Yes

Yes

Observations

547

547

R-squared

0.6221

0.1382

F statistics

28.06

6.48