Table A3

GMM with lagged explanatory variables

CASH1CASH2
(1)(2)(3)(4)(5)(6)
L.CASH10.6592***0.6637***0.6621***   
[0.0373][0.0362][0.0368]   
L.CASH2   0.6548***0.6591***0.6597***
   [0.0435][0.0429][0.0428]
L.FO0.0039* 0.0083*−0.0004 0.0020*
[0.0081] [0.0085][0.0090] [0.0087]
L.SO 0.0111***0.0120*** 0.0147***0.0148***
 [0.0041][0.0043] [0.0050][0.0052]
L.SIZE0.0013***0.0012***0.0011***0.0015***0.0014***0.0013***
[0.0002][0.0002][0.0002][0.0003][0.0003][0.0003]
L.GROWTH−0.0051*−0.0042−0.0045*−0.0084**−0.0073*−0.0074*
[0.0028][0.0026][0.0027][0.0040][0.0038][0.0039]
L.PROFIT0.1008***0.0902***0.0892***0.0638***0.0515***0.0511***
[0.0181][0.0177][0.0176][0.0179][0.0176][0.0174]
L.TDA−0.0566***−0.0562***−0.0558***−0.0556***−0.0547***−0.0545***
[0.0092][0.0090][0.0089][0.0110][0.0109][0.0107]
N6,1306,1306,1306,1176,1306,130
AR20.61750.59300.59700.55150.56970.5708
Hansen0.11100.12110.12510.10270.09970.0994

Source(s): Authors' own calculation

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