Table 6 Econometric results of dynamic...

Table 6

Econometric results of dynamic GMM model

	Dependent variable: firm profitability
Independent variables	(1)	(2)	(3)
Constant	375.35(0.123)	328.52(0.161)	345.01(0.184)
LPROF	−0.34(0.260)	−0.35(0.302)	−0.34(0.297)
AGE	34.74(0.159)	25.56(0.090)*	19.77(0.332)
ASSETS	−27.21(0.066)*	−25.06(0.074)*	−25.72(0.070)*
LIAB	−0.34(0.036)**	−0.31(0.035)**	−0.32(0.030)**
SALESGR	0.014(0.118)	0.010(0.083)*	0.009(0.071)*
PROD	0.0009(0.074)*	0.0008(0.046)**	0.0008(0.035)**
EMPCH	26.26(0.394)	24.85(0.311)	18.00(0.514)
RESLAB		49.58(0.514)	53.17(0.490)
SCIEN		57.42(0.521)	60.59(0.485)
NGR			−1.36(0.446)
LNGR			0.86(0.501)
CORRCH			0.67(0.340)
TIME			2.75(0.459)
Nb of firms	122	122	122
Nb of observations	594	594	594
Hansen test (p-value)	0.854	0.833	0.819
Arellano–Bond test (p-value)	0.112	0.108	0.110

	Dependent variable: firm profitability
Independent variables	(1)	(2)	(3)
Constant	375.35(0.123)	328.52(0.161)	345.01(0.184)
LPROF	−0.34(0.260)	−0.35(0.302)	−0.34(0.297)
AGE	34.74(0.159)	25.56(0.090)*	19.77(0.332)
ASSETS	−27.21(0.066)*	−25.06(0.074)*	−25.72(0.070)*
LIAB	−0.34(0.036)**	−0.31(0.035)**	−0.32(0.030)**
SALESGR	0.014(0.118)	0.010(0.083)*	0.009(0.071)*
PROD	0.0009(0.074)*	0.0008(0.046)**	0.0008(0.035)**
EMPCH	26.26(0.394)	24.85(0.311)	18.00(0.514)
RESLAB		49.58(0.514)	53.17(0.490)
SCIEN		57.42(0.521)	60.59(0.485)
NGR			−1.36(0.446)
LNGR			0.86(0.501)
CORRCH			0.67(0.340)
TIME			2.75(0.459)
Nb of firms	122	122	122
Nb of observations	594	594	594
Hansen test (p-value)	0.854	0.833	0.819
Arellano–Bond test (p-value)	0.112	0.108	0.110

Note(s): The numbers in parentheses denote p-values. The number of asterisks denotes the significance level of the coefficients: ***significant at the 1% level; **significant at the 5% level; *significant at the 10% level. The number of instruments is less than the number of groups

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