Table 3 Two-steps results of GMM system... | Emerald Publishing

Table 3

Two-steps results of GMM system estimation with ROA

ROA	Coef	St Err	t-value	p-value	[95% Conf	Interval]	Sig
ROA (L.1)	0.448	0.314	1.43	0.154	−0.168	1.064
CCC	−0.094	0.067	1.40	0.162	−0.038	0.225
ATO	0.900	0.105	8.58	0.000	0.695	1.106	***
LEV	−0.276	0.085	−3.27	0.001	−0.442	−0.111	***
__Constant	−3.087	0.382	−8.08	0.000	−3.836	−2.339	***
Mean dependent var		−2.604		SD dependent var			1.052
Number of obs		504		Chi-square			78.148
Number of groups		60		Number of instruments			10
AR(1)		0.047		Hansen			0.072
AR(2)		0.420		Sargen			0.120

ROA	Coef	St Err	t-value	p-value	[95% Conf	Interval]	Sig
ROA (L.1)	0.448	0.314	1.43	0.154	−0.168	1.064
CCC	−0.094	0.067	1.40	0.162	−0.038	0.225
ATO	0.900	0.105	8.58	0.000	0.695	1.106	***
LEV	−0.276	0.085	−3.27	0.001	−0.442	−0.111	***
__Constant	−3.087	0.382	−8.08	0.000	−3.836	−2.339	***
Mean dependent var		−2.604		SD dependent var			1.052
Number of obs		504		Chi-square			78.148
Number of groups		60		Number of instruments			10
AR(1)		0.047		Hansen			0.072
AR(2)		0.420		Sargen			0.120

Note(s): ***p < 0.01, **p < 0.05 and *p < 0.10

Source(s): Authors' calculation