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  1. J

    Use predicted values or residuals in the second stage?

    Hello all: I have a panel dataset (firms) in which some variables are "choice" variables (that is, they reflect executives' free choices as well as objective characteristics of the firms that may affect those choices). Therefore, in the first stage, I regress the "choice" variables on other...
  2. J

    Two-stage fixed-effects panel model - how should I interpret the coefficients?

    Hello all: I ran a 2-stage fixed-effects panel model in R. The goal is to find the effect of strategic alliance participation on firm performance. Alliance participation is not random - firms self-select (and are selected by their future partners) into alliances. Thus I ran a 2-stage model...