Table 9 Dynamic panel-data estimation,... | Emerald Publishing

Table 9

Dynamic panel-data estimation, one-step system GMM

ROA	Coefficient	Standard error
Lag1.ROA	0.233***	0.081
TDTA	−0.243***	0.065
TANG	−0.044	0.634
FRS	−0.002	0.124
CTOR	0.020	0.124
PHCI	−0.072	0.192
FAGE	−0.086	0.057
CONSTANT	1.275***	0.469
No. of observations	14,036
No. of instruments	9
AR (1)	0.000
AR (2)	0.517
Hansen Test	0.420

ROA	Coefficient	Standard error
Lag1.ROA	0.233***	0.081
TDTA	−0.243***	0.065
TANG	−0.044	0.634
FRS	−0.002	0.124
CTOR	0.020	0.124
PHCI	−0.072	0.192
FAGE	−0.086	0.057
CONSTANT	1.275***	0.469
No. of observations	14,036
No. of instruments	9
AR (1)	0.000
AR (2)	0.517
Hansen Test	0.420

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

Source(s): Own elaboration