Table 4 Results of robust regression... | Emerald Publishing

Table 4

Results of robust regression (RREG) and dynamic GMM models

	(1)	(2)	(3)	(4)
	FINV	FINV	ENVS	ENVS
	RREG	Dynamic GMM	RREG	Dynamic GMM
HR	−0.0449 (0.0738)	0.170 (0.0954)	−0.0219 (0.0764)	−0.0380 (0.114)
AT_RES	−0.281*** (0.0659)	−0.114 (0.0656)	0.195** (0.0682)	0.175* (0.0751)
FIN_S	0.498*** (0.0670)	0.0347 (0.0358)	0.159* (0.0694)	0.0213 (0.0420)
U_I_TECH	0.256*** (0.0688)	0.0308 (0.0809)	−0.152* (0.0713)	−0.0245 (0.0877)
INNOV	0.124 (0.0659)	0.0384 (0.0414)	−0.115 (0.0682)	−0.0102 (0.0501)
LINK	0.0647 (0.0465)	0.116** (0.0375)	−0.0711 (0.0482)	−0.0930* (0.0439)
INTEL_A	0.194** (0.0719)	0.0269 (0.108)	0.191* (0.0745)	0.134 (0.132)
EMPL_I	0.0552 (0.116)	0.130 (0.0946)	0.302* (0.120)	0.0106 (0.107)
L.FINV		0.111 (0.137)
L.ENVS				0.256 (0.133)
_cons	−2.532 (5.627)	33.23 (17.86)	49.53*** (5.828)	89.60*** (25.69)
N	216	162	216	162
R²	0.588		0.361

	(1)	(2)	(3)	(4)
	FINV	FINV	ENVS	ENVS
	RREG	Dynamic GMM	RREG	Dynamic GMM
HR	−0.0449 (0.0738)	0.170 (0.0954)	−0.0219 (0.0764)	−0.0380 (0.114)
AT_RES	−0.281*** (0.0659)	−0.114 (0.0656)	0.195** (0.0682)	0.175* (0.0751)
FIN_S	0.498*** (0.0670)	0.0347 (0.0358)	0.159* (0.0694)	0.0213 (0.0420)
U_I_TECH	0.256*** (0.0688)	0.0308 (0.0809)	−0.152* (0.0713)	−0.0245 (0.0877)
INNOV	0.124 (0.0659)	0.0384 (0.0414)	−0.115 (0.0682)	−0.0102 (0.0501)
LINK	0.0647 (0.0465)	0.116** (0.0375)	−0.0711 (0.0482)	−0.0930* (0.0439)
INTEL_A	0.194** (0.0719)	0.0269 (0.108)	0.191* (0.0745)	0.134 (0.132)
EMPL_I	0.0552 (0.116)	0.130 (0.0946)	0.302* (0.120)	0.0106 (0.107)
L.FINV		0.111 (0.137)
L.ENVS				0.256 (0.133)
_cons	−2.532 (5.627)	33.23 (17.86)	49.53*** (5.828)	89.60*** (25.69)
N	216	162	216	162
R²	0.588		0.361

Note(s): Standard errors in parentheses; *p < 0.05, **p < 0.01, ***p < 0.001

Source(s): Authors’ research in Stata 18