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

Financial Innovation

Table 9 The estimated models with Investment

	(1)	(2)
	Growth _i,t System-GMM with investment t-4 t-5	Growth _i,t Diff-GMM with investment t-2 t-4
Growth _i,t-1	−0.0678	−0.0808
Growth _i,t-1	(−0.94)	(−1.87)
Lev _i,t	−0.0492	0.110
Lev _i,t	(−0.68)	(0.89)
K/A _i,t	0.0605	−0.00211
K/A _i,t	(1.15)	(−0.01)
Size _i,t	0.00659	0.202^***
Size _i,t	(1.82)	(4.21)
I _i,t /K _i,t-1	−0.0348	−0.0131
I _i,t /K _i,t-1	(−0.81)	(−0.38)
famf _i,t *CF _i,t /K _i,t-1	0.0299	0.169^**
famf _i,t *CF _i,t /K _i,t-1	(0.96)	(2.86)
Nonfamf _i,t *CF _i,t /K _i,t-1	0.122^*	0.292^*
Nonfamf _i,t *CF _i,t /K _i,t-1	(2.43)	(2.41)
β ₀
N	1500	1299
AR(1)	0.00	0.00
AR(2)	0.12	0.16
AR(3)	0.01
AR(4)	0.83
Hansen J Test, p val.	0.44	0.46
Diff-Hansen, p val.	0.94
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. Variables are defined in Table 2. I_i,t/K_i,t-1: investment rate