Two-step system generalized method of moments (GMM) results analysis
| Variables | GMM |
|---|---|
| SRD(−1) | 0.589*** |
| (0.0560) | |
| BIND | −0.612** |
| (0.2330) | |
| BGD | 0.298*** |
| (0.0661) | |
| BEXP | 0.051* |
| (0.0277) | |
| SCOM | 4.345*** |
| (1.5463) | |
| BMEET | −1.228* |
| (0.6508) | |
| FAGE | 0.076* |
| (0.0430) | |
| FSIZE | 5.825*** |
| (1.6034) | |
| Constant | −15.294 |
| (14.7468) | |
| Number of groups | 56 |
| Number of instruments | 27 |
| F-stat | 445.1 |
| Prob > F | 0.000 |
| AR(1) p-value | 0.019 |
| AR(2) p-value | 0.922 |
| Hansen test | 23.87 |
| Prob.>Hansen test | 0.159 |
| Variables | GMM |
|---|---|
| 0.589*** | |
| (0.0560) | |
| −0.612** | |
| (0.2330) | |
| 0.298*** | |
| (0.0661) | |
| 0.051* | |
| (0.0277) | |
| 4.345*** | |
| (1.5463) | |
| −1.228* | |
| (0.6508) | |
| 0.076* | |
| (0.0430) | |
| 5.825*** | |
| (1.6034) | |
| Constant | −15.294 |
| (14.7468) | |
Note(s): Standard errors in parentheses
***p < 0.01, **p < 0.05, *p < 0.1
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