Table 10 The estimated models with Age and Size
From: Effect of financial constraints on the growth of family and nonfamily firms in Turkey
(1) | (2) | (3) | (4) | |
|---|---|---|---|---|
Growth i,t: System-GMM With age | Growth i,t: Diff-GMM With age | Growth i,t: Diff-GMM with lagged Size and age | Growth i,t: System-GMM with lagged Size and age | |
Growth i,t-1 | −0.0908 | − 0.0834* | −0.342*** | − 0.128* |
(−1.42) | (−2.13) | (−6.64) | (−1.99) | |
Lev i,t | 0.0535 | 0.167 | −0.0292 | 0.0431 |
(0.95) | (1.44) | (−0.24) | (0.73) | |
K/A i,t | −0.0269 | −0.117 | − 0.283 | −0.0252 |
(−0.60) | (−0.62) | (−1.34) | (− 0.55) | |
Size i,t | 0.0149* | 0.170*** | ||
(2.40) | (3.74) | |||
famf i,t *CF i,t /K i,t-1 | 0.0297 | 0.128* | 0.0683 | 0.0325 |
(0.93) | (2.26) | (1.29) | (1.01) | |
Nonfamf i,t *CF i,t /K i,t-1 | 0.144** | 0.306* | 0.303** | 0.145** |
(2.81) | (2.53) | (3.00) | (2.74) | |
Age i,t | −0.00302 | 0.0236 | −0.0929 | |
(−1.68) | (0.21) | (−0.48) | ||
Size i,t-1 | −0.0669 | 0.0115 | ||
(−1.60) | (1.84) | |||
Age i,t-1 | −0.203 | −0.00281 | ||
β 0 | (−0.89) | (−1.53) − 0.123 (− 1.59) | ||
N | 1525 | 1335 | 1339 | 1527 |
AR(1) | 0.00 | 0.00 | 0.00 | 0.00 |
AR(2) | 0.12 | 0.12 | 0.00 | 0.05 |
AR(3) | 0.11 | 0.11 | 0.11 | |
AR(4) | 0.71 | 0.52 | 0.77 | |
Hansen J Test, p | 0.16 | 0.10 | 0.12 | 0.16 |
value | ||||
Diff-Hansen | 0.76 | 0.77 | ||
Wald Test, p val. | 0.00 | 0.00 | 0.00 | 0.00 |
Lag structure | t-4 t-5 | t-2 to t-3 | t-3 to t-5 | t-4 to t-5 |