Table 2 Estimation results (1) (2) (3)... | Emerald Publishing

Table 2

Estimation results

	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)
$Re t_{t - 1}$	0.185*** (0.022)	0.177*** (0.029)	0.175*** (0.030)	0.176*** (0.030)	0.194*** (0.057)	0.160* (0.089)	0.124* (0.066)	0.125* (0.065)	0.125* (0.065)	0.178* (0.102)
$G C_{t - 1}$	−0.027*** (0.003)	−0.025*** (0.003)	−0.026*** (0.003)	−0.026*** (0.003)	−0.029** (0.010)	−0.0241*** (0.004)	−0.021** (0.009)	−0.024** (0.009)	−0.023** (0.009)	−0.029*** (0.009)
$Δ$ String	–	−0.022*** (0.001)	–			−0.016*** (0.002)	−0.019*** (0.003)
$Δ$ String* $G C_{t - 1}$							−0.017* (0.009)
∆GovResp			−0.045*** (0.005)			−0.027*** (0.008)		−0.034*** (0.009)
$Δ$ GovResp* $G C_{t - 1}$								−0.025* (0.014)
∆C&Health				−0.0383*** (0.004)		−0.018*** (0.004)			−0.030*** (0.007)
$Δ$ C&Health * $G C_{t - 1}$									−0.028* (0.015)
$Δ$ Eco Support					−0.0002 (0.001)	0.015*** (0.002)				−0.005** (0.002)
$Δ$ Eco Support * $G C_{t - 1}$										−0.019*** (0.004)
C	0.009*** (0.001)	0.013*** (0.005)	0.017*** (0.004)	0.015*** (0.004)	0.009 (0.008)	0.015*** (0.004)	0.01 (0.007)	0.015** (0.007)	0.015** (0.006)	0.01 (0.008)
Observations	5,448	5,448	5,448	5,448	5,448	5,448	5,268	5,268	5,268	5,268
Hansen (p-value)	0.899	0.889	0.900	0.80	0.78	0.78	0.999	0.880	0.990	0.890
AR (1) (p-value)	0.002	0.002	0.002	0.002	0.003	0.0069	0.005	0.005	0.004	0.008
AR (2) (p-value)	0.256	0.376	0.381	0.417	0.373	0.406	0.14	0.13	0.17	0.34

	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)
$Re t_{t - 1}$	0.185*** (0.022)	0.177*** (0.029)	0.175*** (0.030)	0.176*** (0.030)	0.194*** (0.057)	0.160* (0.089)	0.124* (0.066)	0.125* (0.065)	0.125* (0.065)	0.178* (0.102)
$G C_{t - 1}$	−0.027*** (0.003)	−0.025*** (0.003)	−0.026*** (0.003)	−0.026*** (0.003)	−0.029** (0.010)	−0.0241*** (0.004)	−0.021** (0.009)	−0.024** (0.009)	−0.023** (0.009)	−0.029*** (0.009)
$Δ$ String	–	−0.022*** (0.001)	–			−0.016*** (0.002)	−0.019*** (0.003)
$Δ$ String* $G C_{t - 1}$							−0.017* (0.009)
∆GovResp			−0.045*** (0.005)			−0.027*** (0.008)		−0.034*** (0.009)
$Δ$ GovResp* $G C_{t - 1}$								−0.025* (0.014)
∆C&Health				−0.0383*** (0.004)		−0.018*** (0.004)			−0.030*** (0.007)
$Δ$ C&Health * $G C_{t - 1}$									−0.028* (0.015)
$Δ$ Eco Support					−0.0002 (0.001)	0.015*** (0.002)				−0.005** (0.002)
$Δ$ Eco Support * $G C_{t - 1}$										−0.019*** (0.004)
C	0.009*** (0.001)	0.013*** (0.005)	0.017*** (0.004)	0.015*** (0.004)	0.009 (0.008)	0.015*** (0.004)	0.01 (0.007)	0.015** (0.007)	0.015** (0.006)	0.01 (0.008)
Observations	5,448	5,448	5,448	5,448	5,448	5,448	5,268	5,268	5,268	5,268
Hansen (p-value)	0.899	0.889	0.900	0.80	0.78	0.78	0.999	0.880	0.990	0.890
AR (1) (p-value)	0.002	0.002	0.002	0.002	0.003	0.0069	0.005	0.005	0.004	0.008
AR (2) (p-value)	0.256	0.376	0.381	0.417	0.373	0.406	0.14	0.13	0.17	0.34

Note(s): *, ** and *** denote significance at 1, 5 and 10%, respectively