Table 4 Results of Arellano–Bond dynamic... | Emerald Publishing

Table 4

Results of Arellano–Bond dynamic panel data model

Variables	One-step estimates		Two-step estimates
Variables	Coefficient	z-stat	Coefficient	z-stat
EDS_it-1	0.7204573^***	6.99	0.7800097^***	7.17
BS	−0.212339^**	−2.68	−0.0538881^**	−2.25
NMBY	−0.0504178	−0.20	−0.0697902	−0.31
PER_ID	0.0247655^***	2.86	0.0015405^**	2.02
AGE	0.4520843^**	2.34	0.5822013^*	1.92
TQ	0.9386958^**	2.14	1.244277^***	3.00
DE	−0.1315994	−1.03	−0.0988232	−0.88
Size	2.991312^**	1.99	2.947044^**	2.03
Intercept	−2.597271	−0.17	2.735653	0.22
Wald Chi²	49.89^***		104.83^***
Sargan test for over-identification			10.11064 (p = 0.1824)
Arellano–Bond test for AR (1)	−2.7875^*** (p = 0.0053)		−2.9253^*** (p = 0.0034)
Arellano–Bond Test for AR (2)	−0.76374 (p = 0.4450)		−0.73237 (p = 0.4639)

Variables	One-step estimates		Two-step estimates
Variables	Coefficient	z-stat	Coefficient	z-stat
EDS_it-1	0.7204573^***	6.99	0.7800097^***	7.17
BS	−0.212339^**	−2.68	−0.0538881^**	−2.25
NMBY	−0.0504178	−0.20	−0.0697902	−0.31
PER_ID	0.0247655^***	2.86	0.0015405^**	2.02
AGE	0.4520843^**	2.34	0.5822013^*	1.92
TQ	0.9386958^**	2.14	1.244277^***	3.00
DE	−0.1315994	−1.03	−0.0988232	−0.88
Size	2.991312^**	1.99	2.947044^**	2.03
Intercept	−2.597271	−0.17	2.735653	0.22
Wald Chi²	49.89^***		104.83^***
Sargan test for over-identification			10.11064 (p = 0.1824)
Arellano–Bond test for AR (1)	−2.7875^*** (p = 0.0053)		−2.9253^*** (p = 0.0034)
Arellano–Bond Test for AR (2)	−0.76374 (p = 0.4450)		−0.73237 (p = 0.4639)

Note(s): ^***denotes 1% level of significance, ^**denotes 5% level of significance, ^*denotes 10% level of significance

Source(s): Calculated by authors