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This is the column to the right of the overall-explanatory column.
The explanatory variables in Column (1) of Table 5 show that the proxies for liquidity needs and growth opportunities, market access, asymmetric information, and capital regulation maintain their sign and statistical significance.
When adding further explanatory variables in model 2 (column 2) the positive impact of quintile 4 looses its significance whereat especially the β-values of the two bottom quintiles reduce considerably but remain significant.
In column (3), each explanatory variable is defined as the differences in values between the variable at placement and the variable at the target municipality *Significant at 10%%; **significant at 5%%; and ***significant at the 1 % level.
Explanatory variables are listed in column three.
It has one row for every time point in the original data and one column for every explanatory variable in the model.
In columns (1) and (3) the instrumented explanatory variable is enrollment rate; in columns (2) and (4) the instrumented explanatory variable is female enrollment rate.
The other columns are self explanatory and will be discussed in more details in the following sections.
In columns (1) and (3) the instrumented explanatory variable is average years of schooling; in columns (2) and (4) the instrumented explanatory variable is average years of schooling of females.
*Significant after sequential Bonferroni correction, which was applied for each column (i.e. explanatory variable) (α = 0.05).
Column 1 reports the explanatory variables used to model gene responsiveness.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com