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Table 6 Validity of the instruments (2SLS First stage F-stat)

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)
F-stat 215.41 13.49 22.82 458.47
p value 0.000 0.000 0.000 0.000
  1. (− 2) denotes the second lag value of the variable whereas (D1) refers to the first difference of the variable. F-stat higher than 16.85 reveals a valid instrument