Regression results for the two-step system GMM
| DAC | Model 1 | Model 2 | Model 3 |
|---|---|---|---|
| Intercept | 1.281(0.924)** | 1.644(0.933)** | 1.662(0.925) |
| Controls | |||
| LEV | −0.360(0.110)** | −0.366(0.110)** | −0.378(0.109) |
| FS | 0.018(0.056) | 0.010(0.060) | 0.012(0.055) |
| ROA | 0.013(0.004)** | 0.013(0.004)** | 0.012(0.004) |
| Independent variable | |||
| SRDI | −0.874(0.312)** | −0.781(0.316)** | −0.656(0.317) |
| Moderator | |||
| BGD | −0.582(0.284)** | −0.743(0.286) | |
| Interaction term | |||
| SRDI*BGD | −0.616(0.223) | ||
| Post estimation tests | |||
| Instruments | 41 | 42 | 43 |
| AR(2) | 0.370 | 0.389 | 0.474 |
| Sargan test | 0.955 | 0.953 | 0.930 |
| Hansen test | 0.911 | 0.929 | 0.930 |
| DAC | Model 1 | Model 2 | Model 3 |
|---|---|---|---|
| Intercept | 1.281(0.924)** | 1.644(0.933)** | 1.662(0.925) |
| LEV | −0.360(0.110)** | −0.366(0.110)** | −0.378(0.109) |
| FS | 0.018(0.056) | 0.010(0.060) | 0.012(0.055) |
| ROA | 0.013(0.004)** | 0.013(0.004)** | 0.012(0.004) |
| SRDI | −0.874(0.312)** | −0.781(0.316)** | −0.656(0.317) |
| BGD | −0.582(0.284)** | −0.743(0.286) | |
| SRDI*BGD | −0.616(0.223) | ||
| Instruments | 41 | 42 | 43 |
| AR(2) | 0.370 | 0.389 | 0.474 |
| Sargan test | 0.955 | 0.953 | 0.930 |
| Hansen test | 0.911 | 0.929 | 0.930 |
Note(s): **indicates 5%
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