Table 10 Dynamic panel-data estimation,... | Emerald Publishing

Table 10

Dynamic panel-data estimation, two-step system GMM

ROA	Coefficient	Standard error
Lag1.ROA	0.255*	0.642
TDTA	−-0.091**	0.042
TANG	−1.680**	0.733
FRS	−0.340**	0.165
CTOR	0.357*	0.188
PHCI	0.410**	0.201
FAGE	−0.217**	0.099
CONSTANT	2.431**	1.058
No. of observations	14,036
No. of instruments	14
AR (1)	0.048
AR (2)	0.403
Hansen Test	0.410

ROA	Coefficient	Standard error
Lag1.ROA	0.255*	0.642
TDTA	−-0.091**	0.042
TANG	−1.680**	0.733
FRS	−0.340**	0.165
CTOR	0.357*	0.188
PHCI	0.410**	0.201
FAGE	−0.217**	0.099
CONSTANT	2.431**	1.058
No. of observations	14,036
No. of instruments	14
AR (1)	0.048
AR (2)	0.403
Hansen Test	0.410

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

Source(s): Own elaboration