| | BP | HAUS | EXO | OIR | WI |
|---|
log(PRODUCTIVITY) | 6691*** | 1068*** | 71.47*** | 0.04 | 171.34 |
log(WAGES per EMPLOYEE) | 6481*** | 697*** | 372.84*** | 0.29 | 248.12 |
log(INVESTMENTS) | 5397*** | 280*** | 423.09*** | 0.10 | 294.00 |
log(OPERATING SURPLUS) | 15,83*** | 2008*** | 247.48*** | 33.80*** | 923.37 |
PROFITS | 1775*** | 148*** | 13.89*** | 0.68 | 180.72 |
- Notes: We test H_0 for no time-invariant firm effects (Breusch-Pagan test - BP), no correlation between firm effects and regressors (random vs. fixed (Hausman test – HAUS)), exogeneity (Durbin-Wu-Hausman test - EXO), no overidentifying restrictions (OIR) und weak instruments (Stock-Yogo test - WI). Test statistics are presented in the table, where BP, HAUS, EXO and OIR are χ
2 distributed. WI displays minimum eigenvalue statistics. All test statistics in column WI indicate that the eigenvalue is larger than the critical value at p < 0.05, that H_0 (weak instruments) has to be rejected; ***p < 0.01
