Regression analysis (system GMM)
| Variables | TMDR | TMDR | TMDR | TMDR | TMDR | TMDR |
|---|---|---|---|---|---|---|
| Model 1 | Model 2 | Model 3 | Model 1 | Model 2 | Model 3 | |
| TMDR(-1) | 0.470*** | 0.467*** | 0.471*** | 0.613*** | 0.625*** | 0.593*** |
| (0.036) | (0.037) | (0.037) | (0.052) | (0.046) | (0.050) | |
| FRQ-I | −0.0419*** | −0.0388** | −0.0747*** | |||
| (0.016) | (0.016) | (0.025) | ||||
| KZ Idex | 0.00761 | 0.0304** | 0.852*** | |||
| (0.005) | (0.013) | (0.170) | ||||
| FRQ-I*KZ Index | 0.0423** | |||||
| (0.02) | ||||||
| FRQ-II | −0.352* | −0.408* | 0.493* | |||
| (0.212) | (0.221) | (0.253) | ||||
| FRQ-II*KZ Index | −1.079*** | |||||
| (0.274) | ||||||
| Size | −0.0146 | −0.0133 | −0.0137 | −0.609* | −0.825*** | −0.789** |
| (0.012) | (0.012) | (0.012) | (0.325) | (0.301) | (0.319) | |
| Age | −0.0067 | −0.0072 | −0.0072 | 0.0066 | 0.0058 | 0.0067 |
| (0.000) | (0.000) | (0.000) | (0.007) | (0.006) | (0.007) | |
| MBR | −0.234*** | −0.233*** | −0.233*** | 0.0501 | 0.1302 | 0.0622 |
| (0.017) | (0.017) | (0.017) | (0.187) | (0.170) | (0.178) | |
| Prof | −0.0455 | −0.0433 | −0.049 | −1.930* | −1.861** | −1.982** |
| (0.040) | (0.041) | (0.040) | (0.986) | (0.913) | (0.959) | |
| Tang | −0.0873*** | −0.0895*** | −0.0926*** | 0.528 | 0.191 | 0.419 |
| (0.033) | (0.034) | (0.033) | (0.415) | (0.421) | (0.405) | |
| Constant | 0.716*** | 0.705*** | 0.688*** | 4.414** | 5.048*** | 5.617*** |
| (0.094) | (0.093) | (0.094) | (2.160) | (1.933) | (2.103) | |
| Industry Dummy | Yes | Yes | Yes | Yes | Yes | Yes |
| Year Dummy | Yes | Yes | Yes | Yes | Yes | Yes |
| Wald Statistics | 617.35(0.000) | 611.30(0.000) | 627.39(0.000) | 219.93(0.000) | 242.10(0.000) | 300.60(0.000) |
| Sargan test | 80.46(0.000) | 81.43(0.000) | 81.44(0.000) | 36.46(0.4007) | 34.90(0.473) | 35.262(0.455) |
| AR1 | 0 | 0 | 0 | 0 | 0 | 0 |
| AR2 | 0.199 | 0.217 | 0.273 | 0.515 | 0.605 | 0.726 |
| Instrument rank | 50 | 50 | 50 | 50 | 50 | 50 |
| Number of coid | 165 | 165 | 165 | 165 | 165 | 165 |
| Variables | TMDR | TMDR | TMDR | TMDR | TMDR | TMDR |
|---|---|---|---|---|---|---|
| Model 1 | Model 2 | Model 3 | Model 1 | Model 2 | Model 3 | |
| TMDR(-1) | 0.470*** | 0.467*** | 0.471*** | 0.613*** | 0.625*** | 0.593*** |
| (0.036) | (0.037) | (0.037) | (0.052) | (0.046) | (0.050) | |
| FRQ-I | −0.0419*** | −0.0388** | −0.0747*** | |||
| (0.016) | (0.016) | (0.025) | ||||
| KZ Idex | 0.00761 | 0.0304** | 0.852*** | |||
| (0.005) | (0.013) | (0.170) | ||||
| FRQ-I*KZ Index | 0.0423** | |||||
| (0.02) | ||||||
| FRQ-II | −0.352* | −0.408* | 0.493* | |||
| (0.212) | (0.221) | (0.253) | ||||
| FRQ-II*KZ Index | −1.079*** | |||||
| (0.274) | ||||||
| Size | −0.0146 | −0.0133 | −0.0137 | −0.609* | −0.825*** | −0.789** |
| (0.012) | (0.012) | (0.012) | (0.325) | (0.301) | (0.319) | |
| Age | −0.0067 | −0.0072 | −0.0072 | 0.0066 | 0.0058 | 0.0067 |
| (0.000) | (0.000) | (0.000) | (0.007) | (0.006) | (0.007) | |
| MBR | −0.234*** | −0.233*** | −0.233*** | 0.0501 | 0.1302 | 0.0622 |
| (0.017) | (0.017) | (0.017) | (0.187) | (0.170) | (0.178) | |
| Prof | −0.0455 | −0.0433 | −0.049 | −1.930* | −1.861** | −1.982** |
| (0.040) | (0.041) | (0.040) | (0.986) | (0.913) | (0.959) | |
| Tang | −0.0873*** | −0.0895*** | −0.0926*** | 0.528 | 0.191 | 0.419 |
| (0.033) | (0.034) | (0.033) | (0.415) | (0.421) | (0.405) | |
| Constant | 0.716*** | 0.705*** | 0.688*** | 4.414** | 5.048*** | 5.617*** |
| (0.094) | (0.093) | (0.094) | (2.160) | (1.933) | (2.103) | |
| Industry Dummy | Yes | Yes | Yes | Yes | Yes | Yes |
| Year Dummy | Yes | Yes | Yes | Yes | Yes | Yes |
| Wald Statistics | 617.35(0.000) | 611.30(0.000) | 627.39(0.000) | 219.93(0.000) | 242.10(0.000) | 300.60(0.000) |
| Sargan test | 80.46(0.000) | 81.43(0.000) | 81.44(0.000) | 36.46(0.4007) | 34.90(0.473) | 35.262(0.455) |
| AR1 | 0 | 0 | 0 | 0 | 0 | 0 |
| AR2 | 0.199 | 0.217 | 0.273 | 0.515 | 0.605 | 0.726 |
| Instrument rank | 50 | 50 | 50 | 50 | 50 | 50 |
| Number of coid | 165 | 165 | 165 | 165 | 165 | 165 |
Note(s): Standard errors in parentheses. ***p < 0.01, **p < 0.05, *p < 0.1
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