Table 8 Dynamic panel-data estimation,... | Emerald Publishing

Table 8

Dynamic panel-data estimation, two-step difference GMM

ROA	Coefficient	Standard error
Lag1.ROA	0.391***	0.038
TANG	−0.103***	0.031
FRS	0.011	0.009
CTOR	−0.011	0.007
PHCI	0.006	0.005
No. of observations	14,036
No. of instruments	10
AR (1)	0.000
AR (2)	0.237
Hansen Test	0.220

ROA	Coefficient	Standard error
Lag1.ROA	0.391***	0.038
TANG	−0.103***	0.031
FRS	0.011	0.009
CTOR	−0.011	0.007
PHCI	0.006	0.005
No. of observations	14,036
No. of instruments	10
AR (1)	0.000
AR (2)	0.237
Hansen Test	0.220

Note(s): *p < 0.1, **p < 0.05, ***p < 0.01

Source(s): Own elaboration