1 | 2 | 3 | |
---|---|---|---|
ENV | SOC | GOV | |
ENVt−1 | − 0.021*** [0.006] | − 0.015*** [0.005] | − 0.020*** [0.004] |
SOCt−1 | 0.015** [0.007] | 0.008 [0.007] | 0.015*** [0.005] |
GOVt−1 | − 0.003 [0.003] | − 0.003 [0.003] | − 0.004 [0.003] |
SIZEt−1 | 0.364*** [0.099] | 0.366*** [0.101] | 0.362*** [0.100] |
LEVt−1 | − 5.062*** [0.650] | − 5.031*** [0.656] | − 5.063*** [0.645] |
LIQt−1 | 2.006*** [0.218] | 2.007*** [0.219] | 2.006*** [0.218] |
PROFt−1 | 1.19 [0.763] | 1.179 [0.754] | 1.195 [0.758] |
_cons | − 5.726** [2.535] | − 5.602** [2.561] | − 5.640** [2.551] |
Chi-square value for exogeneity test | 0.017 | 1.417 | 0.566 |
P value for exogeneity test | 0.896 | 0.234 | 0.452 |
Conclusion | Accept the null hypothesis of exogeneity | Accept the null hypothesis of exogeneity | Accept the null hypothesis of exogeneity |
r2 | 0.751 | 0.749 | 0.751 |
N | 207 | 207 | 207 |