Testing the governance-performance relationship for the Tunisian banks: a GMM in system analysis

Financial Innovation

Table 6 Results of Generalized Method of Moments (GMM) in system: (Dependent Variable: NIM)

Nim	Coef.	Std. Err.	Z	P > z
NimL1.	0,744	0,394	1890	0,059*
BS	0,004	0,002	2360	0,018**
Dual	0,001	0,001	1370	0,170
Ind	0,003	0,001	2460	0,014**
State	0.827	0.352	2.347	0.019**
Ext	−0,694	0,285	− 2430	0,015**
Inst	−1321	0,541	− 2440	0,015**
Cro	0,011	0,007	1590	0,111
Comp	−1.628	0.835	−1.95	0.051*
Size	−0,201	0,079	−2.535	0,012**
Liqr	−0,002	0,018	−0,130	0,896
Cdr	−0,008	0,003	− 3050	0,002***
_cons	0,325	0,134	2430	0,015**
AR (1)		−0.4951
P-value		0.6205
AR (2)		0.1220
P-value		0.9028
Sargan Test		6.7831
P-value		0.6987
Observations		180