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Article summary:

1. Heckman models are increasingly used by strategic management scholars to address sample selection bias, but there are inconsistencies in their application and interpretation.

2. The independent variable of interest needs to be a significant predictor in the first stage of the model for sample selection bias to exist, and the significance of lambda alone does not indicate sample selection bias.

3. Heckman models can account for sample-induced endogeneity but may not be effective when other sources of endogeneity are present. Accurately identifying the type(s) of omitted variable bias present is essential to effectively correcting it.

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