Table 6 Results of the first model...

Table 6

Results of the first model estimation

Variable	RE model		t+1 model		VIF	1/VIF
Variable	Coefficient	p-value	Coefficient	p-value	VIF	1/VIF
Cgi	0.633	0.000	−0.021	0.929	1.02	0.980
Csr	−0.418	0.000	0.155	0.858	1.11	0.901
Size	−0.065	0.221	−0.005	0.916	1.10	0.908
Capex	−0.197	0.002	−0.225	0.041	1.02	0.976
Enlist	0.218	0.585	−0.135	0.561	1.04	0.965
Liq	−0.326	0.000	−0.027	0.649	1.04	0.959
Constant	1.296	0.460	0.538	0.629
Mean VIF					1.06
Obs.	1420		1278
Wald Test	23.22	0.000	5.64	0.582
R² Adj	0.2533		0.4400
Normality of Resid	0.157

Variable	RE model		t+1 model		VIF	1/VIF
Variable	Coefficient	p-value	Coefficient	p-value	VIF	1/VIF
Cgi	0.633	0.000	−0.021	0.929	1.02	0.980
Csr	−0.418	0.000	0.155	0.858	1.11	0.901
Size	−0.065	0.221	−0.005	0.916	1.10	0.908
Capex	−0.197	0.002	−0.225	0.041	1.02	0.976
Enlist	0.218	0.585	−0.135	0.561	1.04	0.965
Liq	−0.326	0.000	−0.027	0.649	1.04	0.959
Constant	1.296	0.460	0.538	0.629
Mean VIF					1.06
Obs.	1420		1278
Wald Test	23.22	0.000	5.64	0.582
R² Adj	0.2533		0.4400
Normality of Resid	0.157

Note(s): The results are derived from the extended model, as ${L E V}_{i t} = β_{0} + β_{1} {C G I}_{i t} + β_{2} {C S R}_{i t} + β_{3} {S I Z E}_{i t} + β_{4} {C A P E X}_{i t} + β_{5} {E N L I S T}_{i t} + β_{6} {L I Q}_{i t} + ε_{i t}$

Source(s): Authors’ own work

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