Table 5 GMM analysis for model 1 and 2... | Emerald Publishing

Table 5

GMM analysis for model 1 and 2

Independent variables	Model 1		Model 2
Independent variables	Coefficients	p-value	Coefficients	p-value
Lag of dependent variables	−0.1523	0.0000	−0.1942	0.0000
LNLTDR	0.0985	0.0000	−0.1353	0.0099
LNSTDR	0.3418	0.0000	−0.0711	0.6107
LNTDR	−0.7259	0.0000	0.4468	0.0085
SIZE	−0.0604	0.0003	−0.2424	0.0000
LNTANGIBILITY	0.6698	0.0028	2.3193	0.0009
Wald χ²	121.1391	0.0000	2337.912	0.0000
AR (1)	−0.7600	0.04472	−1.3053	0.1918
AR (2)	−0.9266	0.3541	−1.6149	0.1063
Hansen J-statistics	27.3695	0.2406	25.4070	0.2300
Observations	396		352

Independent variables	Model 1		Model 2
Independent variables	Coefficients	p-value	Coefficients	p-value
Lag of dependent variables	−0.1523	0.0000	−0.1942	0.0000
LNLTDR	0.0985	0.0000	−0.1353	0.0099
LNSTDR	0.3418	0.0000	−0.0711	0.6107
LNTDR	−0.7259	0.0000	0.4468	0.0085
SIZE	−0.0604	0.0003	−0.2424	0.0000
LNTANGIBILITY	0.6698	0.0028	2.3193	0.0009
Wald χ²	121.1391	0.0000	2337.912	0.0000
AR (1)	−0.7600	0.04472	−1.3053	0.1918
AR (2)	−0.9266	0.3541	−1.6149	0.1063
Hansen J-statistics	27.3695	0.2406	25.4070	0.2300
Observations	396		352

Note(s): Instrument specification for model 1: @DYN(LNROA,−1,−2) LNTDR(−1) SIZE(−1) LNTANGIBILITY(−1). For model 2: @DYN(LNROE,−1,−2) LNSTDR(−2) LNLTDR(−1) LNTDR(−1)

Source(s): Authors own