Table 1 Regression for model M1 across...

Table 1

Regression for model M1 across six sub-models

Model variable	\|DA\| (immediate effect)	\|DA\| (persistent effect)	DA > 0 (immediate effect)	DA > 0 (persistent effect)	DA < 0 (immediate effect)	DA < 0 (persistent effect)
L.DA	0.127***		0.0875***		0.0832***
Sdebt	0.111***	0.1269***	0.114***	0.0834***	−0.0222*	−0.0241*
ISdebt	−0.0013		−0.00362	−0.0123*	0.0140***	0.0152***
Sdebt*ISdebt			0.0234**	0.0257**
Ldebt	0.0671**	0.0769***	0.0114		0.0803**	0.0875**
ILdebt	−0.00434		−0.00169		−0.00521
Ldebt*ILdebt			0.0467***	0.0513**
ROA	−0.118**		0.165**		−0.346***
Size	−0.00544		0.0409***		−0.00285

Model variable	\|DA\| (immediate effect)	\|DA\| (persistent effect)	DA > 0 (immediate effect)	DA > 0 (persistent effect)	DA < 0 (immediate effect)	DA < 0 (persistent effect)
L.DA	0.127***		0.0875***		0.0832***
Sdebt	0.111***	0.1269***	0.114***	0.0834***	−0.0222*	−0.0241*
ISdebt	−0.0013		−0.00362	−0.0123*	0.0140***	0.0152***
Sdebt*ISdebt			0.0234**	0.0257**
Ldebt	0.0671**	0.0769***	0.0114		0.0803**	0.0875**
ILdebt	−0.00434		−0.00169		−0.00521
Ldebt*ILdebt			0.0467***	0.0513**
ROA	−0.118**		0.165**		−0.346***
Size	−0.00544		0.0409***		−0.00285

Note(s): Results from dynamic panel GMM estimation for Model M1

AR(1) test: significant (p = 0.000); AR(2) test: insignificant (p > 0.1); Hansen J-test: non-significant p-values, confirming valid instruments. GMM-style instruments include L.DA and Sdebt. ***, ** and * denote significance at the 1%, 5% and 10% levels, respectively

Source(s): Created by authors

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