Table 7 Results of the second model...

Table 7

Results of the second model estimation

Variable	RE model		t+1 model		VIF	1/VIF
Variable	Coefficient	p-value	Coefficient	p-value	VIF	1/VIF
Cgi	0.612	0.000	0.842	0.634	2.45	0.408
Csr	−0.242	0.000	0.321	0.730	1.27	0.788
CgiCsr*	−0.104	0.030	−1.241	0.622	2.32	0.432
Size	−0.067	0.210	−0.006	0.893	1.10	0.906
Capex	−0.195	0.002	−0.222	0.043	1.03	0.974
Enlist	0.204	0.610	−0.146	0.534	1.04	0.961
Liq	−0.326	0.000	−0.027	0.647	1.04	0.959
Constant	1.025	0.577	0.477	0.671
Mean VIF					1.47
Obs.	1420		1278
Wald Test	23.22	0.000	5.64	0.582
R² Adj	0.2534		0.4400
Normality of Resid	0.941

Variable	RE model		t+1 model		VIF	1/VIF
Variable	Coefficient	p-value	Coefficient	p-value	VIF	1/VIF
Cgi	0.612	0.000	0.842	0.634	2.45	0.408
Csr	−0.242	0.000	0.321	0.730	1.27	0.788
Cgi*Csr	−0.104	0.030	−1.241	0.622	2.32	0.432
Size	−0.067	0.210	−0.006	0.893	1.10	0.906
Capex	−0.195	0.002	−0.222	0.043	1.03	0.974
Enlist	0.204	0.610	−0.146	0.534	1.04	0.961
Liq	−0.326	0.000	−0.027	0.647	1.04	0.959
Constant	1.025	0.577	0.477	0.671
Mean VIF					1.47
Obs.	1420		1278
Wald Test	23.22	0.000	5.64	0.582
R² Adj	0.2534		0.4400
Normality of Resid	0.941

Note(s): The results are derived from the extended model, as ${L E V}_{i t} = β_{0} + β_{1} {C G I}_{i t} + β_{2} {C S R}_{i t} + β_{3} {C G I}_{i t} \times {C S R}_{i t} + β_{4} {S I Z E}_{i t} + β_{5} {C A P E X}_{i t} + β_{6} {E N L I S T}_{i t} + β_{7} {L I Q}_{i t} + ε_{i t}$

Source(s): Authors’ own work

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