Table 9 GMM regression estimation

ENV_t−1

 − 0.021***

[0.006]

 − 0.015***

[0.005]

 − 0.020***

[0.004]

SOC_t−1

0.015**

[0.007]

0.008

[0.007]

0.015***

[0.005]

GOV_t−1

 − 0.003

[0.003]

 − 0.003

[0.003]

 − 0.004

[0.003]

SIZE_t−1

0.364***

[0.099]

0.366***

[0.101]

0.362***

[0.100]

LEV_t−1

 − 5.062***

[0.650]

 − 5.031***

[0.656]

 − 5.063***

[0.645]

LIQ_t−1

2.006***

[0.218]

2.007***

[0.219]

2.006***

[0.218]

PROF_t−1

1.19

[0.763]

1.179

[0.754]

1.195

[0.758]

_cons

 − 5.726**

[2.535]

 − 5.602**

[2.561]

 − 5.640**

[2.551]

Chi-square value for exogeneity test

0.017

1.417

0.566

P value for exogeneity test

0.896

0.234

0.452

Conclusion

Accept the null hypothesis of exogeneity

Accept the null hypothesis of exogeneity

Accept the null hypothesis of exogeneity

r2

0.751

0.749

0.751

N

207

207

207