Financial Innovation

Table 8 System GMM and Differenced GMM results with lagged size

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

	(1)	(2)
	Growth _i,t: Diff-GMM	Growth _i,t: System-GMM
Growth _i,t-1	−0.399^**	−0.110
Growth _i,t-1	(−3.71)	(−1.54)
Lev _i,t	0.094	0.00607
Lev _i,t	(0.63)	(0.09)
K/A _i,t	−0.173	0.000927
K/A _i,t	(−0.54)	(0.02)
Size _i,t-1	−0.054	0.00340
Size _i,t-1	(−1.16)	(0.92)
famf _i,t *CF _i,t /K _i,t-1	0.125	0.0338
famf _i,t *CF _i,t /K _i,t-1	(1.32)	(1.11)
Nonfamf _i,t *CF _i,t /K _i,t-1	0.3545^*	0.117^*
Nonfamf _i,t *CF _i,t /K _i,t-1	(3.44)	(2.25)
β ₀		0.0244
β ₀		(0.33)
N	1339	1527
AR(1)	0.05	0.00
AR(2)	0.00	0.08
AR(3)	0.12	0.11
AR(4)	–	0.76
Hansen J Test, p val.	0.15	0.19
Diff-Hansen Test, p val.		0.89
Wald Test, p val.	0.00	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. The lag structure of System-GMM: t-4 to t-5, and for Diff-GMM: only t-3. Variables are defined in Table 2

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