Table 7 Model 1 – results of dynamic...

Table 7

Model 1 – results of dynamic panel data modeling and relevant tests; one-step difference GMM; dependent variable: d_hvg_g

Group variable: Country Number of instruments = 84 Wald χ²(7) = 43.04***			Number of obs = 324 Number of groups = 27 Obs per group: = 12
Robust	Coef	Std. Err	z	p>\|z\|	(95% conf. Interval)
d_hvg_g_1	−0.1600814	0.0655673	−2.44	0.015**	−0.288591	−0.0315717
d_taxenvg_1	1.335799	0.6973308	1.92	0.055*	−0.0309442	2.702543
d_taxenp_1	−0.6701967	0.345301	−1.94	0.052*	−1.346974	0.0065808
d_reen_1	0.2492477	0.1224292	2.04	0.042**	0.009291	0.4892045
d_orfarm	0.1307251	0.1525647	0.86	0.392	−0.1682962	0.4297465
d_amagr	−0.0824425	0.028103	−2.93	0.003***	−0.1375235	−0.0273616
d_homno	−0.2372829	0.1008363	−2.35	0.019**	−0.4349184	−0.0396473

Group variable: CountryNumber of instruments = 84Wald χ²(7) = 43.04***			Number of obs = 324Number of groups = 27Obs per group: = 12
Robust	Coef	Std. Err	z	p>\|z\|	(95% conf. Interval)
d_hvg_g_1	−0.1600814	0.0655673	−2.44	0.015**	−0.288591	−0.0315717
d_taxenvg_1	1.335799	0.6973308	1.92	0.055*	−0.0309442	2.702543
d_taxenp_1	−0.6701967	0.345301	−1.94	0.052*	−1.346974	0.0065808
d_reen_1	0.2492477	0.1224292	2.04	0.042**	0.009291	0.4892045
d_orfarm	0.1307251	0.1525647	0.86	0.392	−0.1682962	0.4297465
d_amagr	−0.0824425	0.028103	−2.93	0.003***	−0.1375235	−0.0273616
d_homno	−0.2372829	0.1008363	−2.35	0.019**	−0.4349184	−0.0396473

Note(s): Prefix “d_” denotes a first difference; suffix “_1” denotes a lagged variable (t−1)

“*” denotes 10% significance level, “**” denotes 5% significance level, “***” denotes 1% significance level

Arellano-Bond test for AR(1) in first differences: z = −3.94 Pr > z = 0.000

Arellano-Bond test for AR(2) in first differences: z = −1.41 Pr > z = 0.158

Sargan test of overid. restrictions: χ²(77) = 114.95 Prob > χ² = 0.003

Hansen test of overid. restrictions: χ²(77) = 19.69 Prob > χ² = 1.000

Difference-in-Hansen tests of exogeneity of instrument subsets

Hansen test excluding group: χ²(71) = 19.44 Prob > χ² = 1.000

Difference (null H = exogenous): χ²(6) = 0.25 Prob > χ² = 1.000

Source(s): Authors' own elaboration