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Table 5 Covariance between the potentially endogenous covariates and the instruments

From: How does depreciations management affect subsequent fiscal performance? The case of the Swiss cantons

Variables Misestimation Referendum Initiative Rules
Instrument Misestimation(D1) Referendum(− 2) Initiative(− 2) Rules(− 2)
Covariance 0.526 0.907 0.954 0.872
  1. (− 2) denotes the second lag value of the variable whereas (D1) refers to the first difference of the variable