The Impact of the “Belt and Road” Initiative on Accounting Conservatism of Energy-Intensive Enterprises under the Low-Carbon Background

Table 6

Potential endogeneity: instrumental variable estimation.

Variable	First stage return	Second stage return
	Treat × Inyear	C_score
	(1)	(2)
IV × Inyear	0.175
	(20.19)
Treat × Inyear	−0.027
		−1.83
Treat	−0.010	0.002
	(−3.55)	(2.33)
Inyear	0.055	0.032
	(19.93)	(25.57)
Size	0.016	0.047
	(10.18)	(92.5)
SOE	0.015	0.011
	(4.82)	(11.09)
MB	0.022	0.101
	(3.08)	(46.47)
Industry	Yes	Yes
_Cons	−0.401	0.997
	(11.22)	(83.38)
Kleibergen–paap rk LM statistic	73.45
	[0.000]
Kleibergen–paap wald rk F statistic	84.54
	{16.38}
Cragg–Donald Wald F statistic	407.54
N	2,225	2,225

Note. The values in round brackets underneath the estimated coefficients are the estimated t-values; the symbols , and , respectively, represent significance at the 10%, 5%, and 1% levels. Values inside the square brackets ate the corresponding values, and the value inside the curly bracket { } is the Stock–Yogo weak IV test critical value at the 10% level.