Table IV. Results of estimations Models... | Emerald Publishing

Table IV.

Results of estimations

	Models
	(1)	(2)	(3)	(4)	(5)	(6)
Constant	0.4038 (5.34)***	0.4038 (5.43)***	0.2103 (2.55)**	0.1266 (2.15)**	0.2263 (2.70)**	0.3076 (3.12)***
L1	0.1785 (3.16)***	0.1785 (3.16)***	0.1233 (2.25)**	−0.1273 (−0.43)	−0.1461 (−0.87)	0.1268 (2.17)**
Famown	−0.1157 (−2.46)**					−0.3859 (−2.36)**
Institutional		−0.4777 (−3.72)***				−0.2607 (−1.32)
Ebh			−0.3054 (−1.05)			−0.1532 (−0.20)
Instfam				−0.5685 (−1.93)**
Ebhfam					−0.3609 (−1.27)
Debt	0.1945 (3.89)***	0.1619 (3.21)***	0.2752 (3.26)**	0.1583 (3.19)***	0.2314 (4.61)***	0.2607 (3.59)***
Size	0.0886 (1.77)*	0.0112 (2.10)**	0.0126 (2.05)*	0.0648 (1.21)	−0.0155 (−2.13)**	0.0238 (2.74)**
ROE	0.0395 (0.96)	0.0299 (0.72)	0.0494 (1.17)	−0.0362 (−0.86)	−0.0409 (−0.99)	0.0591 (1.32)
Growth	0.0251 (1.50)	0.0229 (1.34)	0.0231 (1.37)	0.0191 (1.09)*	0.0255 (1.50)	0.0163 (1.19)
Crisis	0.0411 (1.08)	0.0474 (1.87)	0.0429 (1.54)	0.0199 (0.93)	0.0192 (0.78)	0.0338 (1.46)
m1	−6.14***	−5.33***	−4.52***	−4.13***	−5.77***	−5.18***
m2	−0.39	−0.63	−0.60	−0.63	−0.64	−0.53
Sargan test	9.3	8.57	7.94	9.76	8.57	8.9
Wald test	14.21*	16.19*	11.32*	13.95*	13.96*	13.73**
Observations	663

	Models
	(1)	(2)	(3)	(4)	(5)	(6)
Constant	0.4038 (5.34)***	0.4038 (5.43)***	0.2103 (2.55)**	0.1266 (2.15)**	0.2263 (2.70)**	0.3076 (3.12)***
L1	0.1785 (3.16)***	0.1785 (3.16)***	0.1233 (2.25)**	−0.1273 (−0.43)	−0.1461 (−0.87)	0.1268 (2.17)**
Famown	−0.1157 (−2.46)**					−0.3859 (−2.36)**
Institutional		−0.4777 (−3.72)***				−0.2607 (−1.32)
Ebh			−0.3054 (−1.05)			−0.1532 (−0.20)
Instfam				−0.5685 (−1.93)**
Ebhfam					−0.3609 (−1.27)
Debt	0.1945 (3.89)***	0.1619 (3.21)***	0.2752 (3.26)**	0.1583 (3.19)***	0.2314 (4.61)***	0.2607 (3.59)***
Size	0.0886 (1.77)*	0.0112 (2.10)**	0.0126 (2.05)*	0.0648 (1.21)	−0.0155 (−2.13)**	0.0238 (2.74)**
ROE	0.0395 (0.96)	0.0299 (0.72)	0.0494 (1.17)	−0.0362 (−0.86)	−0.0409 (−0.99)	0.0591 (1.32)
Growth	0.0251 (1.50)	0.0229 (1.34)	0.0231 (1.37)	0.0191 (1.09)*	0.0255 (1.50)	0.0163 (1.19)
Crisis	0.0411 (1.08)	0.0474 (1.87)	0.0429 (1.54)	0.0199 (0.93)	0.0192 (0.78)	0.0338 (1.46)
m1	−6.14***	−5.33***	−4.52***	−4.13***	−5.77***	−5.18***
m2	−0.39	−0.63	−0.60	−0.63	−0.64	−0.53
Sargan test	9.3	8.57	7.94	9.76	8.57	8.9
Wald test	14.21*	16.19*	11.32*	13.95*	13.96*	13.73**
Observations	663

Notes:

* Significant at 0.10;

**significant at 0.05;

***significant at 0.000;

Own elaboration