Results of econometric estimations
| Fixed effects | Two-way random effects | Fixed effect (t−1) | Two-way random effects (t−1) | Fixed effect (t; t−1) | Two-way random effects (t; t−1) | |
|---|---|---|---|---|---|---|
| (1) | (2) | (3) | (4) | (5) | (6) | |
| gerdt−1 | 0.425*** (0.048) | 0.542*** (0.015) | 0.489*** (0.046) | 0.614*** (0.015) | 0.470*** (0.047) | 0.605*** (0.015) |
| epc | 0.0002 (0.0002) | −0.00001 (0.00003) | 0.0002 (0.0002) | 0.00000 (0.00004) | 0.0002 (0.0002) | −0.0001 (0.00004) |
| exrti | −0.062** (0.026) | −0.055*** (0.009) | −0.058** (0.023) | −0.049*** (0.008) | −0.026 (0.025) | −0.025*** (0.009) |
| irate | −0.256** (0.130) | −0.274*** (0.042) | −0.235** (0.094) | −0.336*** (0.033) | 0.038 (0.133) | −0.093** (0.045) |
| banks | −0.008 (0.014) | −0.007* (0.004) | −0.002 (0.026) | −0.011 (0.010) | ||
| mkcap | 0.026** (0.013) | 0.011*** (0.004) | 0.005 (0.016) | 0.001 (0.006) | ||
| bonds | −0.386* (0.231) | −0.616*** (0.074) | −0.323 (0.222) | −0.452*** (0.079) | ||
| banks t−1 | 0.002 (0.012) | −0.003 (0.004) | 0.008 (0.023) | 0.011 (0.009) | ||
| mkcap t−1 | 0.028*** (0.011) | 0.014*** (0.004) | 0.021 (0.014) | 0.016*** (0.006) | ||
| bonds t−1 | −0.363* (0.204) | −0.686*** (0.068) | −0.235 (0.224) | −0.503*** (0.077) | ||
| p_tfe | 0.372*** (0.050) | 0.254*** (0.013) | 0.307*** (0.046) | 0.212*** (0.012) | 0.331*** (0.050) | 0.233*** (0.013) |
| conct | 0.088*** (0.026) | 0.056*** (0.008) | 0.087*** (0.024) | 0.052*** (0.007) | 0.080*** (0.025) | 0.046*** (0.008) |
| fss | 0.158 (0.381) | 0.257* (0.155) | 0.323 (0.359) | 0.499*** (0.157) | 0.323 (0.362) | 0.449*** (0.159) |
| constant | 14.144*** (1,201) | 11.271*** (1,135) | 8.694*** (1,255) | |||
| Observations | 266 | 266 | 271 | 271 | 252 | 252 |
| R2 | 0.556 | 0.894 | 0.608 | 0.921 | 0.590 | 0.923 |
| F statistic | 28.438*** (df = 10; 227) | 2,003.9*** | 36.014*** (df = 10; 232) | 2,809.7*** | 23.222*** (df = 13; 210) | 2,549.1*** |
| Fixed effects | Two-way random effects | Fixed effect (t−1) | Two-way random effects (t−1) | Fixed effect (t; t−1) | Two-way random effects (t; t−1) | |
|---|---|---|---|---|---|---|
| (1) | (2) | (3) | (4) | (5) | (6) | |
| gerdt−1 | 0.425*** (0.048) | 0.542*** (0.015) | 0.489*** (0.046) | 0.614*** (0.015) | 0.470*** (0.047) | 0.605*** (0.015) |
| epc | 0.0002 (0.0002) | −0.00001 (0.00003) | 0.0002 (0.0002) | 0.00000 (0.00004) | 0.0002 (0.0002) | −0.0001 (0.00004) |
| exrti | −0.062** (0.026) | −0.055*** (0.009) | −0.058** (0.023) | −0.049*** (0.008) | −0.026 (0.025) | −0.025*** (0.009) |
| irate | −0.256** (0.130) | −0.274*** (0.042) | −0.235** (0.094) | −0.336*** (0.033) | 0.038 (0.133) | −0.093** (0.045) |
| banks | −0.008 (0.014) | −0.007* (0.004) | −0.002 (0.026) | −0.011 (0.010) | ||
| mkcap | 0.026** (0.013) | 0.011*** (0.004) | 0.005 (0.016) | 0.001 (0.006) | ||
| bonds | −0.386* (0.231) | −0.616*** (0.074) | −0.323 (0.222) | −0.452*** (0.079) | ||
| banks t−1 | 0.002 (0.012) | −0.003 (0.004) | 0.008 (0.023) | 0.011 (0.009) | ||
| mkcap t−1 | 0.028*** (0.011) | 0.014*** (0.004) | 0.021 (0.014) | 0.016*** (0.006) | ||
| bonds t−1 | −0.363* (0.204) | −0.686*** (0.068) | −0.235 (0.224) | −0.503*** (0.077) | ||
| p_tfe | 0.372*** (0.050) | 0.254*** (0.013) | 0.307*** (0.046) | 0.212*** (0.012) | 0.331*** (0.050) | 0.233*** (0.013) |
| conct | 0.088*** (0.026) | 0.056*** (0.008) | 0.087*** (0.024) | 0.052*** (0.007) | 0.080*** (0.025) | 0.046*** (0.008) |
| fss | 0.158 (0.381) | 0.257* (0.155) | 0.323 (0.359) | 0.499*** (0.157) | 0.323 (0.362) | 0.449*** (0.159) |
| constant | 14.144*** (1,201) | 11.271*** (1,135) | 8.694*** (1,255) | |||
| Observations | 266 | 266 | 271 | 271 | 252 | 252 |
| 0.556 | 0.894 | 0.608 | 0.921 | 0.590 | 0.923 | |
| 28.438*** (df = 10; 227) | 2,003.9*** | 36.014*** (df = 10; 232) | 2,809.7*** | 23.222*** (df = 13; 210) | 2,549.1*** |
Notes:
*p < 0.1; **p < 0.05; ***p < 0.01.
Columns 1, 3 and 5 show robust checks using fixed effects regressions.
Columns 2, 4 and 6 show our selected models