As can be seen from Table 13, the coefficient and sign of Gov are larger than and consistent with the benchmark
results, respectively. The coefficient in 2008 is approximately 70% greater than that of the benchmark. Although
Gov’s significance level declines slightly in 2007, it remains significant at the 10% level (two-sided). Its significance
level in 2008 reaches the 5% level (two-sided). The coefficients of most of the control variables vary within 10%,
with the exception of those of Recint and Invint. The significance level of the control variables is the same in the
2 years, except for Recint in 2007 (which changes from significant at the 10% level to insignificant) and Segment in
2008 (from the 1% level to the 5% level). The t-statistics for Lambda are 0.51 and 1.28 in 2007 and 2008,
respectively. The maximum VIF value is 2.44, which indicates that the model suffers no serious multicollinearity
problems. Thus, the sensitivity test results demonstrate that our findings are robust to self-selection.
As can be seen from Table 13, the coefficient and sign of Gov are larger than and consistent with the benchmark
results, respectively. The coefficient in 2008 is approximately 70% greater than that of the benchmark. Although
Gov’s significance level declines slightly in 2007, it remains significant at the 10% level (two-sided). Its significance
level in 2008 reaches the 5% level (two-sided). The coefficients of most of the control variables vary within 10%,
with the exception of those of Recint and Invint. The significance level of the control variables is the same in the
2 years, except for Recint in 2007 (which changes from significant at the 10% level to insignificant) and Segment in
2008 (from the 1% level to the 5% level). The t-statistics for Lambda are 0.51 and 1.28 in 2007 and 2008,
respectively. The maximum VIF value is 2.44, which indicates that the model suffers no serious multicollinearity
problems. Thus, the sensitivity test results demonstrate that our findings are robust to self-selection.
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