Table 5. FE–IV model (1^st stage)

Variable	Coefficient	Robust SE	t-value	p>|t|
Telecomm costs (IV)	0.024	0.004	5.680	0.000
Privacy concerns	–0.014	0.002	–6.430	0.000
Income level	0.007	0.007	1.040	0.300
Age group	0.034	0.018	1.870	0.062
Education level	0.415	0.031	13.370	0.000
Marriage status (1=married)	0.013	0.080	0.170	0.865
Religious affiliation (1=yes)	0.099	0.014	7.110	0.000
Employment status (1=hired)	0.025	0.024	1.070	0.283
Year 2014	–0.259	0.018	–14.480	0.000
Year 2015	–0.168	0.017	–9.950	0.000
Year 2016	–0.125	0.016	–7.740	0.000
Year 2017	–0.128	0.015	–8.340	0.000
Year 2018	–0.005	0.015	–0.320	0.747

Fixed effects estimation information
Number of Groups=9,282	Obs per group: min=2
Number of Obs=46,658	Avg=5.3
Number of Clusters (pid)=9,282	Max=6

Variable	Endogeniety	Underidentification	Weak IV
Social media use	F (1, 9282)	SW χ² (1)	SW F (1, 9282)
	32.29***	32.31***	32.29***