Table 5 Stricty exogeneity tests Fixed...

Table 5

Stricty exogeneity tests

	Fixed effects model	Fixed effects model	Fixed effects model	Fixed effects model	Fixed effects model	Fixed effects model
	1	2	3	4	5	6
Independent variables	${G R O W}_{i . t}$	${G R O W}_{i . t}$	${G R O W}_{i . t}$	${G R O W}_{i . t}$	${G R O W}_{i . t}$	${G R O W}_{i . t}$
${S I Z E}_{i . t - 1}$	−0.83848***	−0.44603***	−0.44607***	−0.43893***	−0.50558***	−0.84215***
${S I Z E}_{i . t - 1}$	(0.00234)	(0.00688)	(0.00687)	(0.00654)	(0.00638)	(0.00230)
${A G E}_{i . t - 1}$	0.00504**	−0.13550***	0.01941***	0.02249***	0.01365**	−0.03269**
${A G E}_{i . t - 1}$	(0.00220)	(0.05104)	(0.00712)	(0.00676)	(0.00644)	(0.01508)
${D E B T}_{i . t - 1}$	0.01040***	0.12944***	0.16456***	0.05789***	0.06059***	−0.00062
${D E B T}_{i . t - 1}$	(0.00277)	(0.00893)	(0.01025)	(0.00862)	(0.00815)	(0.00331)
${P R O F}_{i . t - 1}$	−0.01444***	−0.09431***	−0.10256***	−0.13667***	−0.09889***	−0.01680***
	(0.00261)	(0.00844)	(0.00847)	(0.00806)	(0.00768)	(0.00254)
${P R O D}_{i . t - 1}$	−0.00095***	0.00322***	0.00312***	0.00195***	−0.00090*	−0.00124***
${P R O D}_{i . t - 1}$	(0.00016)	(0.00053)	(0.00053)	(0.00050)	(0.00048)	(0.00016)
${S I Z E}_{i . t}$	0.83441***					0.83543***
${S I Z E}_{i . t}$	(0.00206)					(0.00228)
${A G E}_{i . t}$		0.21594***				0.04909**
${A G E}_{i . t}$		(0.06923)				(0.02045)
${D E B T}_{i . t}$			−0.07176***			0.00652**
${D E B T}_{i . t}$			(0.00997)			(0.00332)
${P R O F}_{i . t}$				0.31181***		0.01724***
${P R O F}_{i . t}$				(0.00718)		(0.00274)
${P R O D}_{i . t}$					0.02541***	0.00139***
${P R O D}_{i . t}$					(0.00042)	(0.00016)
CONST	0.01323	1.03892***	1.24257***	1.23173***	1.23999***	−0.02461
CONST	(0.00905)	(0.06424)	(0.02775)	(0.02623)	(0.02519)	(0.01924)
Fixed effects	Yes	Yes	Yes	Yes	Yes	Yes
Observations	20.178	20.178	20.178	20.178	20.178	20.178
Number of firms	3017	3017	3017	3017	3017	3017
R²	0.92945	0.26285	0.26464	0.33485	0.39603	0.93581
Prob > F	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000

	Fixed effects model	Fixed effects model	Fixed effects model	Fixed effects model	Fixed effects model	Fixed effects model
	1	2	3	4	5	6
Independent variables	${G R O W}_{i . t}$	${G R O W}_{i . t}$	${G R O W}_{i . t}$	${G R O W}_{i . t}$	${G R O W}_{i . t}$	${G R O W}_{i . t}$
${S I Z E}_{i . t - 1}$	−0.83848***	−0.44603***	−0.44607***	−0.43893***	−0.50558***	−0.84215***
${S I Z E}_{i . t - 1}$	(0.00234)	(0.00688)	(0.00687)	(0.00654)	(0.00638)	(0.00230)
${A G E}_{i . t - 1}$	0.00504**	−0.13550***	0.01941***	0.02249***	0.01365**	−0.03269**
${A G E}_{i . t - 1}$	(0.00220)	(0.05104)	(0.00712)	(0.00676)	(0.00644)	(0.01508)
${D E B T}_{i . t - 1}$	0.01040***	0.12944***	0.16456***	0.05789***	0.06059***	−0.00062
${D E B T}_{i . t - 1}$	(0.00277)	(0.00893)	(0.01025)	(0.00862)	(0.00815)	(0.00331)
${P R O F}_{i . t - 1}$	−0.01444***	−0.09431***	−0.10256***	−0.13667***	−0.09889***	−0.01680***
	(0.00261)	(0.00844)	(0.00847)	(0.00806)	(0.00768)	(0.00254)
${P R O D}_{i . t - 1}$	−0.00095***	0.00322***	0.00312***	0.00195***	−0.00090*	−0.00124***
${P R O D}_{i . t - 1}$	(0.00016)	(0.00053)	(0.00053)	(0.00050)	(0.00048)	(0.00016)
${S I Z E}_{i . t}$	0.83441***					0.83543***
${S I Z E}_{i . t}$	(0.00206)					(0.00228)
${A G E}_{i . t}$		0.21594***				0.04909**
${A G E}_{i . t}$		(0.06923)				(0.02045)
${D E B T}_{i . t}$			−0.07176***			0.00652**
${D E B T}_{i . t}$			(0.00997)			(0.00332)
${P R O F}_{i . t}$				0.31181***		0.01724***
${P R O F}_{i . t}$				(0.00718)		(0.00274)
${P R O D}_{i . t}$					0.02541***	0.00139***
${P R O D}_{i . t}$					(0.00042)	(0.00016)
CONST	0.01323	1.03892***	1.24257***	1.23173***	1.23999***	−0.02461
CONST	(0.00905)	(0.06424)	(0.02775)	(0.02623)	(0.02519)	(0.01924)
Fixed effects	Yes	Yes	Yes	Yes	Yes	Yes
Observations	20.178	20.178	20.178	20.178	20.178	20.178
Number of firms	3017	3017	3017	3017	3017	3017
R²	0.92945	0.26285	0.26464	0.33485	0.39603	0.93581
Prob > F	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000

Note(s): ***statistical significance at 1% level; **statistical significance at 5% level; *statistical significance at 10% level

Source(s): Own elaboration

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