System-GMM regression results
| Variables | Model 1 | Model 2 | Model 3 | Model 4 |
|---|---|---|---|---|
| FD | CSR_ratio | FD | FD | |
| Zscore (−1) | 0.565*** | 0.551*** | 0.550*** | |
| (0.032) | (0.032) | (0.032) | ||
| CSR_ratio (−1) | 0.163*** | |||
| (0.027) | ||||
| CSR_ratio | 0.026** | 0.033* | ||
| (0.104) | (0.102) | |||
| CEO_comp | 0.0293*** | 0.089*** | 0.094* | |
| (0.000) | (0.000) | (0.000) | ||
| Fsize | 0.708*** | 0.316*** | 1.762*** | 1.744*** |
| (0.199) | (0.087) | (0.262) | (0.264) | |
| Lev | −0.966*** | −0.007 | −0.952*** | −0.949*** |
| (0.179) | (0.057) | (0.176) | (0.177) | |
| Tang | 0.0708 | −0.294** | −0.145 | −0.131 |
| (0.385) | (0.122) | (0.380) | (0.382) | |
| Slack | 2.328*** | 0.268* | 2.401*** | 2.395*** |
| (0.486) | (0.158) | (0.479) | (0.480) | |
| Sgth | 0.004 | 0.001 | 0.003 | 0.003 |
| (0.005) | (0.002) | (0.005) | (0.005) | |
| Constant | 6.524*** | 2.555*** | 13.240*** | 13.110*** |
| (1.388) | (0.589) | (1.754) | (1.768) | |
| Industry fixed effect | Yes | Yes | Yes | Yes |
| Year fixed effect | Yes | Yes | Yes | Yes |
| Wald statistics | 509.14(0.000) | 84.63(0.000) | 564.28(0.000) | 558.33(0.000) |
| AR(1) | 0.000 | 0.000 | 0.000 | 0.000 |
| AR(2) | 0.314 | 0.305 | 0.324 | 0.363 |
| Sargent test (p-value) | 0.692 | 0.582 | 0.683 | 0.692 |
| Hansen J-statistics (p-value) | 0.891 | 0.901 | 0.921 | 0.916 |
| Variables | Model 1 | Model 2 | Model 3 | Model 4 |
|---|---|---|---|---|
| FD | CSR_ratio | FD | FD | |
| Zscore (−1) | 0.565*** | 0.551*** | 0.550*** | |
| (0.032) | (0.032) | (0.032) | ||
| CSR_ratio (−1) | 0.163*** | |||
| (0.027) | ||||
| CSR_ratio | 0.026** | 0.033* | ||
| (0.104) | (0.102) | |||
| CEO_comp | 0.0293*** | 0.089*** | 0.094* | |
| (0.000) | (0.000) | (0.000) | ||
| Fsize | 0.708*** | 0.316*** | 1.762*** | 1.744*** |
| (0.199) | (0.087) | (0.262) | (0.264) | |
| Lev | −0.966*** | −0.007 | −0.952*** | −0.949*** |
| (0.179) | (0.057) | (0.176) | (0.177) | |
| Tang | 0.0708 | −0.294** | −0.145 | −0.131 |
| (0.385) | (0.122) | (0.380) | (0.382) | |
| Slack | 2.328*** | 0.268* | 2.401*** | 2.395*** |
| (0.486) | (0.158) | (0.479) | (0.480) | |
| Sgth | 0.004 | 0.001 | 0.003 | 0.003 |
| (0.005) | (0.002) | (0.005) | (0.005) | |
| Constant | 6.524*** | 2.555*** | 13.240*** | 13.110*** |
| (1.388) | (0.589) | (1.754) | (1.768) | |
| Industry fixed effect | Yes | Yes | Yes | Yes |
| Year fixed effect | Yes | Yes | Yes | Yes |
| Wald statistics | 509.14(0.000) | 84.63(0.000) | 564.28(0.000) | 558.33(0.000) |
| AR(1) | 0.000 | 0.000 | 0.000 | 0.000 |
| AR(2) | 0.314 | 0.305 | 0.324 | 0.363 |
| Sargent test ( | 0.692 | 0.582 | 0.683 | 0.692 |
| Hansen J-statistics ( | 0.891 | 0.901 | 0.921 | 0.916 |
Note(s): Standard errors in parentheses. ***p < 0.01, **p < 0.05, *p < 0.1
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