2SLS and GMM
| Variables | (First stage) | (2sls) | (GMM) |
|---|---|---|---|
| AUDIT_COM | EMISSION | EMISSION | |
| AUDIT_COM | 0.0346*** | 0.0345*** | |
| (0.00500) | (0.00472) | ||
| AUDIT_EXPERT | 0.398*** | ||
| (0.00361) | |||
| BD_SKILL | 0.532*** | ||
| (0.00437) | |||
| ROA | −0.0127** | −0.0410*** | −0.0413*** |
| (0.00619) | (0.00774) | (0.00648) | |
| FIRM_SZ | 0.0149*** | 0.219*** | 0.220*** |
| (0.00159) | (0.00201) | (0.00193) | |
| LEVERAGE | 0.00661 | −0.0362*** | −0.0364*** |
| (0.00544) | (0.00680) | (0.00678) | |
| logGDP | −0.0375** | 0.0778*** | 0.0775*** |
| (0.0165) | (0.0207) | (0.0206) | |
| INF | 0.000734** | 0.00272*** | 0.00272*** |
| (0.000298) | (0.000372) | (0.000412) | |
| BD_SIZE | −0.00177 | −0.00417*** | −0.00414*** |
| (0.00121) | (0.00152) | (0.00142) | |
| BD_GEND | 2.13e−05 | 0.000201 | 0.000194 |
| (0.000228) | (0.000285) | (0.000286) | |
| SECTOR | Included | Included | Included |
| COUNTRY | Included | Included | Included |
| Constant | 0.442** | −2.524*** | −2.523*** |
| (0.182) | (0.228) | (0.228) | |
| Observations | 32,880 | 32,880 | 32,880 |
| R-squared | 0.070 | 0.070 | |
| F-test | 616.41*** | 905.7*** | |
| Sargan statistic (Chi-sq) | 2.495 (p = 0.112) | ||
| Hansen J statistic | 2.343 (p = 0.126) |
| Variables | (First stage) | (2sls) | (GMM) |
|---|---|---|---|
| AUDIT_COM | EMISSION | EMISSION | |
| AUDIT_COM | 0.0346*** | 0.0345*** | |
| (0.00500) | (0.00472) | ||
| AUDIT_EXPERT | 0.398*** | ||
| (0.00361) | |||
| BD_SKILL | 0.532*** | ||
| (0.00437) | |||
| ROA | −0.0127** | −0.0410*** | −0.0413*** |
| (0.00619) | (0.00774) | (0.00648) | |
| FIRM_SZ | 0.0149*** | 0.219*** | 0.220*** |
| (0.00159) | (0.00201) | (0.00193) | |
| LEVERAGE | 0.00661 | −0.0362*** | −0.0364*** |
| (0.00544) | (0.00680) | (0.00678) | |
| logGDP | −0.0375** | 0.0778*** | 0.0775*** |
| (0.0165) | (0.0207) | (0.0206) | |
| INF | 0.000734** | 0.00272*** | 0.00272*** |
| (0.000298) | (0.000372) | (0.000412) | |
| BD_SIZE | −0.00177 | −0.00417*** | −0.00414*** |
| (0.00121) | (0.00152) | (0.00142) | |
| BD_GEND | 2.13e−05 | 0.000201 | 0.000194 |
| (0.000228) | (0.000285) | (0.000286) | |
| SECTOR | Included | Included | Included |
| COUNTRY | Included | Included | Included |
| Constant | 0.442** | −2.524*** | −2.523*** |
| (0.182) | (0.228) | (0.228) | |
| Observations | 32,880 | 32,880 | 32,880 |
| 0.070 | 0.070 | ||
| 616.41*** | 905.7*** | ||
| Sargan statistic (Chi-sq) | 2.495 ( | ||
| Hansen | 2.343 ( |
Note(s): Standard errors in parentheses
***p < 0.01, **p < 0.05, *p < 0.1
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