Table 8. Two-step system GMM for IQ and... | Emerald Publishing

Table 8.

Two-step system GMM for IQ and CSP

	Two-step system GMM
Relationship between IQ and CSP.	Model 9		Model 10		Model 11
	ESG
	Coeff	SE	Coeff	SE	Coeff	SE
Political stability	1.829	(29.667)
Rule of Law			7.857**	(3.399)
Control of corruption					8.456*	(4.814)
Beta	−23.619	(158.912)	−147.385	(108.304)	−170.980	(149.545)
Leverage	0.627	(2.515)	4.504	(13.234)	6.423	(15.509)
Firm size	6.291	(9.591)	24.180	(15.402)	28.770	(22.208)
Eco growth	10.882	(23.948)	−16.342	(20.092)	−17.550	(26.177)
GDP per capita	0.001	(0.024)	−0.001	(0.004)	−0.001	(0.005)
Inflation	−117.996	(221.722)	112.286	(179.572)	127.962	(233.000)
Arellano–Bond: AR2	0.367		0.354		0.416
Sargan test p value	0.732		0.343		0.280
Observations	4770		3975		3975

	Two-step system GMM
Relationship betweenIQ and CSP.	Model 9		Model 10		Model 11
	ESG
	Coeff	SE	Coeff	SE	Coeff	SE
Political stability	1.829	(29.667)
Rule of Law			7.857**	(3.399)
Control of corruption					8.456*	(4.814)
Beta	−23.619	(158.912)	−147.385	(108.304)	−170.980	(149.545)
Leverage	0.627	(2.515)	4.504	(13.234)	6.423	(15.509)
Firm size	6.291	(9.591)	24.180	(15.402)	28.770	(22.208)
Eco growth	10.882	(23.948)	−16.342	(20.092)	−17.550	(26.177)
GDP per capita	0.001	(0.024)	−0.001	(0.004)	−0.001	(0.005)
Inflation	−117.996	(221.722)	112.286	(179.572)	127.962	(233.000)
Arellano–Bond: AR2	0.367		0.354		0.416
Sargan test p value	0.732		0.343		0.280
Observations	4770		3975		3975

Notes:

Standard errors in parentheses; ***p < 0.01; **p < 0.05; *p < 0.1; Constant is included (not reported for brevity)

Source: Authors’ own creation