Table 11. Revised GMM model (using PCA)... | Emerald Publishing

Table 11.

Revised GMM model (using PCA) results

Variables	OE	CC	TC
Variables	Coefficient	Coefficient	Coefficient
L.dependant	0.77***	0.38***	0.76***
PC1	0.05**	−0.06**	15.20**
PC2	0.08***	0.22***	−28.50***
PC3	0.06**	0.18**	42.70**
Lev	−0.02***	−0.005*	−20.00*
Size	−0.03**	0.15**	−50.00**
G	−0.05*	−0.21*	30.00*
Prob > chi2	0.000	0.000	0.000
AR(1) p-value	0.000	0.000	0.000
AR(2) p-value	0.212	0.233	0.221
Hansen p-value	0.155	0.168	0.154
Sargan p-value	0.192	0.205	0.187
Number of instruments	24	26	25

Variables	OE	CC	TC
Variables	Coefficient	Coefficient	Coefficient
L.dependant	0.77***	0.38***	0.76***
PC1	0.05**	−0.06**	15.20**
PC2	0.08***	0.22***	−28.50***
PC3	0.06**	0.18**	42.70**
Lev	−0.02***	−0.005*	−20.00*
Size	−0.03**	0.15**	−50.00**
G	−0.05*	−0.21*	30.00*
Prob > chi2	0.000	0.000	0.000
AR(1) p-value	0.000	0.000	0.000
AR(2) p-value	0.212	0.233	0.221
Hansen p-value	0.155	0.168	0.154
Sargan p-value	0.192	0.205	0.187
Number of instruments	24	26	25

Note(s):

*p < 0.10; **p < 0.05; ***p < 0.01