If we can find a suitable instrument for the entrepreneur-CEO variable (ECEO), the endogeneity drops away, and we will know that the relationship is causal, that is, the presence of an entrepreneur-CEO determines the performance outcomes.
The entrepreneur-CEO indicator ECEO is the endogenous variable, and the set of exogenous variables in Controls includes firm size, ownership type, regulation, an international entrepreneur, competition, the country control variable (HDI), and indicator variables for rating agency and calendar year.
P(ECEO) = [a.sub.1]Incorporation + [a.sub.2](Year difference) + B(Control variables) + [v.sub.i] (2)
939) says that the model for P(ECEO) is robust in the sense that it need not be correctly specified.
The propensity score is the probability that the MFI is an ECEO, conditional on available covariates.
The first step in the IV regression implementation of the Heckman (1978) dummy endogenous variable model is to generate an instrument for the endogenous variable ECEO. Thus, we run the logit regression for the likelihood of an entrepreneur-CEO (relationship ) and form the probabilities.
ECEO also documented voting fraud in Minya, while the Free Egyptians Party leader Ahmed Saeed said the prevention of Copts from voting is "a political and moral crime."
ECEO recorded twelve different types of voting violations across Egypt in total, which included violence, intimidation, barring people with disabilities from entering polling stations, absence of judicial supervision, late opening of polling stations, voting influence, deceased yet registered voters, mass voter transportation and campaigning.
Minor scuffles resulting from the late opening of voting stations and voter persuasion were also reported at several polling stations in Giza, while supporters and opponents of the constitution clashed in Port Said and Qaliubiya on Saturday, ECEO reported.
The ECEO said "observers of the civil society NGOs were banned from entering polling stations in Shahid Mostafa Al Tabakh School in Sharabiya and Nabawia Mosa School in Nasr City, Cairo," while the Carter Center reported that "there were isolated incidents in which access to polling stations and counting centers was denied or limited."
The ECEO includes 123 development and human rights' civil society organizations, in 26 governorates throughout Egypt.
Both the ECEO and the Carter Center will be observing the next two rounds of voting in Egypt's parliamentary elections in the coming weeks.