As I understand, the Ramsey RESET test (although called ovtest on Stata), is not actually a general test for omitted variable bias. Rather, it is a test for misspecification. Specifically, if the model is properly specified, "no nonlinear functions of the independent variables should be significant when added to the estimated equation". So now I'm confused because after estimating three models, I get these results.

So according to this, the null of no omitted variables (or no misspecification) will be rejected for the first two but not the last (at 5% sig. level). Yet, the translog is essentially the log-log with higher powers of the independent variable, so I'm confused as to what to conclude from this. I'm inclined to say that the dummy variable was an important omitted variable, but then again RESET is not a general test for OVB.

Perhaps also worth mentioning is that I am assuming I can conduct the ovtest as a test for endogeneity to check the OLS assumptions (because this is the only relevant test we were taught that isn't the 2SLS/Wu-Hausman).