Financial Innovation

Table 7 System GMM Results for the Main model

From: Effect of financial constraints on the growth of family and nonfamily firms in Turkey

	(1)
	Growth _i,t: System-GMM: t-4 to t-5
Growth _i,t-1	−0.0832
Growth _i,t-1	(−1.17)
Lev _i,t	0.00495
Lev _i,t	(0.07)
K/A _i,t	0.00795
K/A _i,t	(0.16)
Size _i,t	0.00654
Size _i,t	(1.81)
famf _i,t *CF _i,t /K _i,t-1	0.0314
famf _i,t *CF _i,t /K _i,t-1	(1.06)
Nonfamf _i,t *CF _i,t /K _i,t-1	0.111^*
Nonfamf _i,t *CF _i,t /K _i,t-1	(2.22)
β ₀	−0.129
β ₀	(−1.88)
N	1525
AR(1)	0.00
AR(2)	0.13
AR(3)	0.11
AR(4)	0.71
Hansen J Test, p val.	0.15
Diff-Hansen Test, p val.	0.77
Wald Test, p val.	0.00

t statistics in parentheses. * p < 0.05, ** p < 0.01, *** p < 0.001. All the estimations are based on heteroscedasticity and autocorrelation robust standard error. Variables are defined in Table 2

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