Table 10. Results for the dynamic GMM...

Table 10.

Results for the dynamic GMM model

	(1)	(2)	(3)	(4)	(5)
Indicator/Variables	ROA	ROE	ROE	ROE	ROE
const	23.563***	16.949	−1.901	−1.901	−1.901
ROA (t – 1)	0.077
ROE (t – 1)		−0.052	−0.067	−0.067	−0.067
Gob_bin			−1.901
Governance	−0.034	−0.115
Esg_bin				−1.901
Soc_bin					−1.901
Family	−2.390	−8.715	3.079**	3.079**	3.079**
Leverage	−0.168***	−0.164	−0.131	−0.131	−0.131
tac	0.118***	0.073	0.036	0.036	0.036
EPS	0.000***	0.651***	0.624***	0.624***	0.624***
cash_ratio	11.696***	94.780***	94.265***	94.265***	94.265***
Size	−0.598***	−0.258	0.193	0.193	0.193
BS	−0.057	−0.406	−0.117	−0.117	−0.117
Gobernance_×_fam	0.062*	0.320*
Gob_bin_×_fam			3.079**
Esg_bin_×_fam				3.079**
Soc_bin_×_fam					3.079**
Sector	0.438	0.852*	0.801	0.801	0.801
Number of obs	163	159	159	159	159
Years periods	9	9	9	9	9

	(1)	(2)	(3)	(4)	(5)
Indicator/Variables	ROA	ROE	ROE	ROE	ROE
const	23.563***	16.949	−1.901	−1.901	−1.901
ROA (t – 1)	0.077
ROE (t – 1)		−0.052	−0.067	−0.067	−0.067
Gob_bin			−1.901
Governance	−0.034	−0.115
Esg_bin				−1.901
Soc_bin					−1.901
Family	−2.390	−8.715	3.079**	3.079**	3.079**
Leverage	−0.168***	−0.164	−0.131	−0.131	−0.131
tac	0.118***	0.073	0.036	0.036	0.036
EPS	0.000***	0.651***	0.624***	0.624***	0.624***
cash_ratio	11.696***	94.780***	94.265***	94.265***	94.265***
Size	−0.598***	−0.258	0.193	0.193	0.193
BS	−0.057	−0.406	−0.117	−0.117	−0.117
Gobernance_×_fam	0.062*	0.320*
Gob_bin_×_fam			3.079**
Esg_bin_×_fam				3.079**
Soc_bin_×_fam					3.079**
Sector	0.438	0.852*	0.801	0.801	0.801
Number of obs	163	159	159	159	159
Years periods	9	9	9	9	9

Note(s):

The results are the parameters of the dynamic GMM model. The ***, ** and *indicate parameter significance at 1, 5 and 10%, respectively. The variables ROA (t – 1) and ROE (t – 1) are the first lags of the dependent variable

Source(s): Own elaboration

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