Table 6 Regression results using dynamic... | Emerald Publishing

Table 6

Regression results using dynamic panel data analysis

Variable	Model 4 (ETR)		Model 5 (CFETR)		Model 6 (BTD)
Variable	Coeff	Std. err	Coeff	Std. err	Coeff	Std. err
Dependent_Lag1	0.3358	0.1583	−0.1423	0.0729	0.2245	0.1045
CEO_FAM	−1.2097***	0.0752	−3.1299***	0.1363	2.1233***	0.0182
BIND	0.1021	0.1687	0.6382	0.3402	−0.0550	0.0558
CEO_FAM × BIND	0.1995**	0.2439	0.4520**	0.4057	−0.0495**	0.0600
BSIZE	4.0144***	0.0416	2.0446***	0.0720	−2.0014*	0.0099
BGD	0.0435	0.0896	0.1566	0.1652	0.0215	0.0163
BDIL	−0.0106	0.0249	0.0317	0.0434	−0.0139	0.0048
ROA	−4.4551*	0.3379	−3.3322*	0.4195	4.3848*	0.0689
LEV	−1.0456**	0.0766	−1.0152**	0.0890	1.0004*	0.0125
FSIZE	0.0009	0.0070	−0.0066	0.0127	0.0037	0.0016
FAGE	0.0203	0.0257	0.0170	0.0384	−0.0117	0.0045
CONSTANT	−0.0112	0.1808	0.2483	0.3577	−0.0679	0.0456
Year dummy	Yes		Yes		Yes
F-stat (p-value)	42.73***		11.84***		20.67***
Arellano-bond test for AR(1)	0.001		0		0
Arellano-bond test for AR(2)	0.152		0.189		0.997
Hansen test of over-identifying restrictions	0.115		0.192		0.121

Variable	Model 4 (ETR)		Model 5 (CFETR)		Model 6 (BTD)
Variable	Coeff	Std. err	Coeff	Std. err	Coeff	Std. err
Dependent_Lag1	0.3358	0.1583	−0.1423	0.0729	0.2245	0.1045
CEO_FAM	−1.2097***	0.0752	−3.1299***	0.1363	2.1233***	0.0182
BIND	0.1021	0.1687	0.6382	0.3402	−0.0550	0.0558
CEO_FAM × BIND	0.1995**	0.2439	0.4520**	0.4057	−0.0495**	0.0600
BSIZE	4.0144***	0.0416	2.0446***	0.0720	−2.0014*	0.0099
BGD	0.0435	0.0896	0.1566	0.1652	0.0215	0.0163
BDIL	−0.0106	0.0249	0.0317	0.0434	−0.0139	0.0048
ROA	−4.4551*	0.3379	−3.3322*	0.4195	4.3848*	0.0689
LEV	−1.0456**	0.0766	−1.0152**	0.0890	1.0004*	0.0125
FSIZE	0.0009	0.0070	−0.0066	0.0127	0.0037	0.0016
FAGE	0.0203	0.0257	0.0170	0.0384	−0.0117	0.0045
CONSTANT	−0.0112	0.1808	0.2483	0.3577	−0.0679	0.0456
Year dummy	Yes		Yes		Yes
F-stat (p-value)	42.73***		11.84***		20.67***
Arellano-bond test for AR(1)	0.001		0		0
Arellano-bond test for AR(2)	0.152		0.189		0.997
Hansen test of over-identifying restrictions	0.115		0.192		0.121

Note(s): *p < 0.10; **p < 0.05; ***p < 0.01

Source(s): Authors’ own creation