The Impact of Goodwill Recognition and Goodwill Impairment on the Increasing Holdings of Block Shareholders

Table 8

Robustness test: panel instrumental variable regression.

Variables	Model 3
	One-stage	Two-stage
GIQ		0.6852 (0.055)
Controls	Included	Included
Constant	0.2122 (0.000)	−0.4504 (0.001)
Year and industry	Included	Included
R-squared	0.2833	0.0210
F-value	50.22
Wald chi^2		418.70
Observations	2280	2280

Notes. statistics are in parentheses. , , and .