Table 4a. Results from First-Stage Regressions
|
---------------------------------- Endogenous Explanatory Variable - |
(1) HI |
------------------ (2) CI4 |
|
---------------------------------- coeff of [CAPASI*USMERGERS] |
-0.0000489 (0.000) |
----------0.-0-0-0--05-3-2-- (0.000) |
|
---------------------------------- F stats for Instrument |
21.78 |
------------------ 21.87 |
|
Partial R-sq for Instrument |
0.1080 |
0.1083 |
Table 4b. Wooldridge test for autocorrelation in panel data
Model with
Test Stat
HI
40.874
(0.0002)
CI4
39.790
(0.0002)
Table 4c. New Product Introductions (NPI) Regressions
|
Concentration is exogenous | |
Concentration is endogenous | |||
|
(1) GLS |
(2) | GMM | |
(3) GLS |
(4) GMM | |
|
--------- HI |
407.8791** |
7,155.6489** |
----------------- | |
|
(0.041) |
(0.017) | |||
|
CI4 |
443.4380** |
6,530.2582** | ||
|
(0.022) |
(0.016) | |||
|
SALES |
0.0052*** |
0.0053*** |
0.0055 |
0.0058 |
|
(0.002) |
(0.001) |
(0.128) |
(0.106) | |
|
SGR |
0.5845 |
0.5887 |
-0.6607 |
-0.7189 |
|
(0.198) |
(0.195) |
(0.742) |
(0.719) | |
|
N |
10.0211*** |
10.1839*** |
19.5874 |
17.9264 |
|
(0.006) |
(0.005) |
(0.125) |
(0.140) | |
|
RNDI |
26,594*** |
26,208*** |
116,435*** |
114,322*** |
|
(0.000) |
(0.000) |
(0.000) |
(0.000) | |
|
FEXP |
-52.6849 |
-54.3954 |
247.5589 |
240.1791 |
|
(0.521) |
(0.504) |
(0.272) |
(0.278) | |
|
FAFH |
20.8455 |
20.5176 |
81.7665 |
80.4992 |
|
(0.462) |
(0.465) |
(0.382) |
(0.380) | |
|
CAPI |
-498 |
-501 |
-5,662 |
-5,190 |
|
(0.484) |
(0.486) |
(0.307) |
(0.333) | |
|
Constant |
0.7234 |
44.1283 | ||
|
(1.000) |
(0.981) | |||
|
--------- Number of |
Observations |
= 198; Number |
of NPI categories |
----------------- = 9 |
p values in parentheses; * significant at 10%; ** significant at 5%;
*** significant at 1%; GLS and GMM estimates obtained using xtgls and
xtivreg2 in Stata, account for first order serial correlation.