Table 11 Robustness check using system...

Table 11

Robustness check using system GMM estimator

Variables	Model (1): Baseline GMM	Model (2): Interaction GMM
CS_t−1	0.642^*** (0.041)	0.618^*** (0.038)
Cgi	0.184^*** (0.052)	0.156^** (0.061)
Csr	0.095^** (0.044)	0.082^* (0.047)
CgiCsr*	–	0.114^** (0.053)
Size	0.031^* (0.017)	0.028^* (0.015)
Capex	−0.215^*** (0.068)	−0.204^*** (0.071)
Enlist	0.142^** (0.059)	0.138^** (0.062)
Liq	0.047 (0.032)	0.041 (0.035)
Constant	0.524^** (0.210)	0.498^** (0.225)
Diagnostic Tests
Obs.	1420	1278
AR(1) test (p-value)	0.002	0.001
AR(2) test (p-value)	0.485	0.512
Hansen test (p-value)	0.245	0.318

Variables	Model (1): Baseline GMM	Model (2): Interaction GMM
CS_t−1	0.642^*** (0.041)	0.618^*** (0.038)
Cgi	0.184^*** (0.052)	0.156^** (0.061)
Csr	0.095^** (0.044)	0.082^* (0.047)
Cgi*Csr	–	0.114^** (0.053)
Size	0.031^* (0.017)	0.028^* (0.015)
Capex	−0.215^*** (0.068)	−0.204^*** (0.071)
Enlist	0.142^** (0.059)	0.138^** (0.062)
Liq	0.047 (0.032)	0.041 (0.035)
Constant	0.524^** (0.210)	0.498^** (0.225)
Diagnostic Tests
Obs.	1420	1278
AR(1) test (p-value)	0.002	0.001
AR(2) test (p-value)	0.485	0.512
Hansen test (p-value)	0.245	0.318

Note(s): Standard errors are in parentheses. *, ** and *** denote significance at the 10%, 5% and 1% levels, respectively. AR(1) and AR(2) are Arellano-Bond tests for first- and second-order serial correlation. Hansen test is for over-identifying restrictions

Source(s): Authors’ own work

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