Table 3 Regression results of analysis...

Table 3

Regression results of analysis using two-step system GMM

Variables name	Model-(I) OP	Model-(II) ROA	Model-(III) ROE	Model(IV) TQ
Dependent variable_(t−1)	0.310^** (0.119)	0.603^*** (0.046)	0.388^** (0.164)	0.231^** (0.092)
Advertising exp	0.103^* (0.053)	0.253^** (0.117)	1.289^** (0.598)	0.001 (0.011)
Advertising exp. _(t−1)	−0.106^** (0.043)	−0.086 (0.079)	−1.269^** (0.465)	−0.013 (0.010)
LR	−0.045^** (0.021)	−0.011 (0.012)	−0.352^* (0.203)	0.0001 (0.002)
SZ	1.144^*** (0.374)	0.329 (0.269)	0.375 (0.826)	−0.053^** (0.021)
IR	12.29^** (4.738)	3.946 (4.828)	127.2^** (54.90)	−0.215 (0.672)
NPL	−0.041^** (0.018)	0.003 (0.003)	−0.037 (0.072)	0.0003 (0.002)
DR	−13.43^*** (4.125)	−3.889 (5.581)	−150.1^** (55.15)	−0.925 (0.661)
F statistic	21492.7^***	259.59 ^***	224.15 ^***	71.81^***
Year effect	Yes	Yes	Yes	Yes
Groups/Instruments	28/25	29/22	29/16	29/27
AR(1) test (p-value)	0.006	0.007	0.029	0.176
AR(2) test (p-value)	0.205	0.123	0.107	0.665
Hansen test of over-identification (p-value)	0.102	0.194	0.264	0.198
cmd	xtabond2	xtabond2	xtabond2	xtabond2

Variables name	Model-(I) OP	Model-(II) ROA	Model-(III) ROE	Model(IV) TQ
Dependent variable_(t−1)	0.310^** (0.119)	0.603^*** (0.046)	0.388^** (0.164)	0.231^** (0.092)
Advertising exp	0.103^* (0.053)	0.253^** (0.117)	1.289^** (0.598)	0.001 (0.011)
Advertising exp. _(t−1)	−0.106^** (0.043)	−0.086 (0.079)	−1.269^** (0.465)	−0.013 (0.010)
LR	−0.045^** (0.021)	−0.011 (0.012)	−0.352^* (0.203)	0.0001 (0.002)
SZ	1.144^*** (0.374)	0.329 (0.269)	0.375 (0.826)	−0.053^** (0.021)
IR	12.29^** (4.738)	3.946 (4.828)	127.2^** (54.90)	−0.215 (0.672)
NPL	−0.041^** (0.018)	0.003 (0.003)	−0.037 (0.072)	0.0003 (0.002)
DR	−13.43^*** (4.125)	−3.889 (5.581)	−150.1^** (55.15)	−0.925 (0.661)
F statistic	21492.7^***	259.59 ^***	224.15 ^***	71.81^***
Year effect	Yes	Yes	Yes	Yes
Groups/Instruments	28/25	29/22	29/16	29/27
AR(1) test (p-value)	0.006	0.007	0.029	0.176
AR(2) test (p-value)	0.205	0.123	0.107	0.665
Hansen test of over-identification (p-value)	0.102	0.194	0.264	0.198
cmd	xtabond2	xtabond2	xtabond2	xtabond2

Note(s): This table depicts the dynamic panel data regression analysis using two-step system generalized method of moments (2SGMM). In the parentheses below the coefficients, the robust standard errors are shown. The symbols ^***, ^** and ^* denote statistical significance at the 1, 5 and 10% levels, respectively

Source(s): Authors own calculation

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