Table 4 Two-steps results of GMM system... | Emerald Publishing

Table 4

Two-steps results of GMM system estimation with EPS

EPS	Coef	St Err	t-value	p-value	[95% Conf	Interval]	Sig
EPS (L.1)	0.028	0.007	3.85	0.000	0.014	0.043	***
CCC	−0.089	0.092	−0.97	0.030	−0.269	0.090	**
ATO	0.617	0.172	3.58	0.000	0.279	0.954	***
LEV	−0.154	0.139	−1.11	0.006	−0.426	0.118	***
__Constant	1.645	0.358	4.59	0.000	0.943	2.348	***
Mean dependent var		1.729		SD dependent var			1.599
Number of obs		492		Chi-square			220.409
Number of groups		59		Number of instruments			13
AR(1)		0.014		Hansen			0.057
AR(2)		0.400		Sargen			0.403

EPS	Coef	St Err	t-value	p-value	[95% Conf	Interval]	Sig
EPS (L.1)	0.028	0.007	3.85	0.000	0.014	0.043	***
CCC	−0.089	0.092	−0.97	0.030	−0.269	0.090	**
ATO	0.617	0.172	3.58	0.000	0.279	0.954	***
LEV	−0.154	0.139	−1.11	0.006	−0.426	0.118	***
__Constant	1.645	0.358	4.59	0.000	0.943	2.348	***
Mean dependent var		1.729		SD dependent var			1.599
Number of obs		492		Chi-square			220.409
Number of groups		59		Number of instruments			13
AR(1)		0.014		Hansen			0.057
AR(2)		0.400		Sargen			0.403

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

Source(s): Authors' calculation