Table 5 Robustness test (ROA and ROE)...

Table 5

Robustness test (ROA and ROE)

Variables	ROA		ROE
Variables	Model 1	Model 2	Model 1	Model 2
Dependent (−1)	0.540*** (28.06)	0.613*** (70.31)	0.150*** (13.78)	0.0555*** (8.31)
DER	0.00001*** (5.05)	0.00001*** (13.63)	0.00001*** (3.43)	0.00001*** (5.44)
MO	0.0011*** (6.79)	0.000*** (15.78)	0.0023*** (7.19)	0.0007*** (9.47)
ACCESS	0.0220*** (12.39)	0.0221*** (32.47)	0.132*** (23.06)	0.153*** (85.81)
SIZE	0.0016*** (4.74)	0.0007*** (4.13)	0.0214*** (23.86)	0.0111*** (28.94)
GROWTH	−0.0031*** (−7.05)	0.0068*** (14.20)	0.0074*** (6.15)	0.0411*** (30.17)
LEV	−0.0045** (−2.10)	0.0028*** (4.65)	−0.133*** (−24.38)	0.0352*** (5.42)
RISK	0.0361*** (6.70)	0.0430*** (17.37)	−0.0089 (−0.52)	−0.0971*** (−36.65)
DER × MO		−0.00001*** (−17.70)		0.00001*** (7.38)
DER × LEV		−0.0000*** (−6.20)		0.0002*** (13.47)
DER × GROWTH		−0.0003*** (−32.34)		−0.0012*** (−25.43)
Constant	−0.0338*** (−6.16)	−0.0263*** (−9.90)	−0.310*** (−24.66)	−0.180*** (−31.60)
The number of observations	618	618	618	618
The number of instruments	94	126	94	126
The number of groups	169	169	169	169
AR (1)	0.039	0.034	0.141	0.177
AR (2)	0.166	0.160	0.111	0.166
Hansen test	0.450	0.624	0.349	0.285

Variables	ROA		ROE
Variables	Model 1	Model 2	Model 1	Model 2
Dependent (−1)	0.540*** (28.06)	0.613*** (70.31)	0.150*** (13.78)	0.0555*** (8.31)
DER	0.00001*** (5.05)	0.00001*** (13.63)	0.00001*** (3.43)	0.00001*** (5.44)
MO	0.0011*** (6.79)	0.000*** (15.78)	0.0023*** (7.19)	0.0007*** (9.47)
ACCESS	0.0220*** (12.39)	0.0221*** (32.47)	0.132*** (23.06)	0.153*** (85.81)
SIZE	0.0016*** (4.74)	0.0007*** (4.13)	0.0214*** (23.86)	0.0111*** (28.94)
GROWTH	−0.0031*** (−7.05)	0.0068*** (14.20)	0.0074*** (6.15)	0.0411*** (30.17)
LEV	−0.0045** (−2.10)	0.0028*** (4.65)	−0.133*** (−24.38)	0.0352*** (5.42)
RISK	0.0361*** (6.70)	0.0430*** (17.37)	−0.0089 (−0.52)	−0.0971*** (−36.65)
DER × MO		−0.00001*** (−17.70)		0.00001*** (7.38)
DER × LEV		−0.0000*** (−6.20)		0.0002*** (13.47)
DER × GROWTH		−0.0003*** (−32.34)		−0.0012*** (−25.43)
Constant	−0.0338*** (−6.16)	−0.0263*** (−9.90)	−0.310*** (−24.66)	−0.180*** (−31.60)
The number of observations	618	618	618	618
The number of instruments	94	126	94	126
The number of groups	169	169	169	169
AR (1)	0.039	0.034	0.141	0.177
AR (2)	0.166	0.160	0.111	0.166
Hansen test	0.450	0.624	0.349	0.285

Note(s): **, *** represent the significance at level p < 0.1, p < 0.05, p < 0.01; z-statistic is in parenthesis; ROA is return on total asset (net profit over total asset); ROE is return on total equity (net profit over total equity)

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