GMM model estimates
| Regression estimates | |||||
|---|---|---|---|---|---|
| ZSCR | SBY leadership | JKW leadership period 1 | JKW leadership period 2 | JKW leadership | |
| Variable | Model 1 | Model 2 | Model 3 | Model 4 | Model 5 |
| PC-SB | −0.682*** (−7.83) | −0.943*** (−3.94) | −0.472*** (−4.21) | −0.904*** (−5.14) | −0.610*** (−6.39) |
| RGYM | −0.400*** (−2.18) | – | – | – | – |
| BCZE | 0.066*** (9.17) | 0.111*** (6.50) | 0.071*** (6.87) | 0.038*** (2.86) | 0.057*** (7.25) |
| FAGE | 0.008*** (5.97) | −0.003 (−1.00) | 0.010*** (4.67) | 0.007*** (4.12) | 0.009*** (6.22) |
| FSIZ | 0.033*** (3.66) | 0.018 (0.43) | 0.039*** (3.95) | 0.058*** (2.33) | 0.038*** (4.13) |
| LVRG | −0.001*** (−3.72) | −0.001*** (−5.01) | −0.005*** (−3.02) | −0.172*** (−3.11) | −0.009*** (−4.24) |
| SOE | −0.015 (−0.23) | 0.349*** (2.41) | −0.114 (−1.17) | −0.066 (−0.57) | −0.100 (−1.32) |
| b0 | 0.485*** (2.93) | 0.363 (0.81) | −0.186 (−0.76) | 0.001 (0.00) | −0.012 (−0.05) |
| Regression estimates | |||||
|---|---|---|---|---|---|
| ZSCR | SBY leadership | JKW leadership period 1 | JKW leadership period 2 | JKW leadership | |
| Variable | Model 1 | Model 2 | Model 3 | Model 4 | Model 5 |
| PC-SB | −0.682*** (−7.83) | −0.943*** (−3.94) | −0.472*** (−4.21) | −0.904*** (−5.14) | −0.610*** (−6.39) |
| RGYM | −0.400*** (−2.18) | – | – | – | – |
| BCZE | 0.066*** (9.17) | 0.111*** (6.50) | 0.071*** (6.87) | 0.038*** (2.86) | 0.057*** (7.25) |
| FAGE | 0.008*** (5.97) | −0.003 (−1.00) | 0.010*** (4.67) | 0.007*** (4.12) | 0.009*** (6.22) |
| FSIZ | 0.033*** (3.66) | 0.018 (0.43) | 0.039*** (3.95) | 0.058*** (2.33) | 0.038*** (4.13) |
| LVRG | −0.001*** (−3.72) | −0.001*** (−5.01) | −0.005*** (−3.02) | −0.172*** (−3.11) | −0.009*** (−4.24) |
| SOE | −0.015 (−0.23) | 0.349*** (2.41) | −0.114 (−1.17) | −0.066 (−0.57) | −0.100 (−1.32) |
| b0 | 0.485*** (2.93) | 0.363 (0.81) | −0.186 (−0.76) | 0.001 (0.00) | −0.012 (−0.05) |
Note(s): Table 8 presents GMM test estimates. Model 1 is the regression estimate using the years 2010–2022. Model 2 is the regression estimate for the SBY's leadership period from 2010–2014. Model 3 is the regression estimate for the JKW's first leadership period from 2015–2018 to. Model 4 is the regression estimate for the JKW's second leadership period from 2019–2022 to. *** denotes a 1% significance level, ** denotes a 5% significance level, and * denotes a 10% significance level. all variable definitions
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