GMM analysis
| Variables | Eq. (3) SUS | Eq. (4) SUS | Eq. (5) SUS | Eq. (6) SUS_ENV | Eq. (7) SUS_SOC | Eq. (8) SUS_GOV |
|---|---|---|---|---|---|---|
| L.SUS | 0.462 | 0.403 | 0.389 | |||
| (0.071)*** | (0.076)*** | (0.068)*** | ||||
| L.SUS_ENV | 0.372 | |||||
| (0.089)*** | ||||||
| L.SUS_SOC | 0.342 | |||||
| (0.093)*** | ||||||
| L.SUS_GOV | 0.435 | |||||
| (0.079)*** | ||||||
| DA | 0.103 | 0.148 | 0.091 | 0.067 | 0.129 | |
| (0.062)* | (0.052)** | (0.069)** | (0.061)* | (0.053)** | ||
| Period | 0.092 | 0.041 | 0.083 | 0.056 | 0.108 | |
| (0.045)** | (0.046) | (0.054)* | (0.049) | (0.042)** | ||
| DA × Period | 0.131 | 0.038 | 0.069 | 0.248 | ||
| (0.046)** | (0.069)* | (0.041)** | (0.089) | |||
| (−0.031)* | (−0.028)** | (−0.027)* | (−0.029) | (−0.025)** | (−0.026)** | |
| Controls | Yes | Yes | Yes | Yes | Yes | Yes |
| AR(1) χ2 (p-value) | 6.42 (0.011)*** | 5.79 (0.016)*** | 6.54 (0.010)*** | 5.37 (0.021)*** | 6.18 (0.013)*** | 6.61 (0.009)*** |
| AR(2) χ2 (p-value) | 1.18 (0.278) | 1.51 (0.207) | 1.23 (0.267) | 1.39 (0.237) | 1.48 (0.212) | 1.35 (0.241) |
| Hansen J-stat (p) | 13.08 (0.324) | 13.92 (0.384) | 12.77 (0.298) | 14.26 (0.392) | 13.61 (0.363) | 12.89 (0.339) |
| No. of Instruments | 36 | 35 | 39 | 38 | 38 | 38 |
| Observations | 750 | 750 | 750 | 750 | 750 | 750 |
| Variables | ||||||
|---|---|---|---|---|---|---|
| 0.462 | 0.403 | 0.389 | ||||
| (0.071)*** | (0.076)*** | (0.068)*** | ||||
| 0.372 | ||||||
| (0.089)*** | ||||||
| 0.342 | ||||||
| (0.093)*** | ||||||
| 0.435 | ||||||
| (0.079)*** | ||||||
| 0.103 | 0.148 | 0.091 | 0.067 | 0.129 | ||
| (0.062)* | (0.052)** | (0.069)** | (0.061)* | (0.053)** | ||
| 0.092 | 0.041 | 0.083 | 0.056 | 0.108 | ||
| (0.045)** | (0.046) | (0.054)* | (0.049) | (0.042)** | ||
| 0.131 | 0.038 | 0.069 | 0.248 | |||
| (0.046)** | (0.069)* | (0.041)** | (0.089) | |||
| (−0.031)* | (−0.028)** | (−0.027)* | (−0.029) | (−0.025)** | (−0.026)** | |
Note(s): *Significant at the 0.10 level; **significant at the 0.05 level and ***significant at the 0.01 level
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