Hi, i am examining relation between firm performance and instiutional ownership.

I am now struggling to find suitable instruments for the potential endogenous variable of institutional ownership.

My intstruments: "SharesOutstand HistoricBeta StockLiquidity" fail to full fill exogeneity assumption.


Has someone a recommend for suitable alternative instruments or other analysing methods? What can i do?

Could i use countrydummyvariables as suitable instruments?