Table 9 Robustness test: generalized method of moments model

A_PC

 − 0.042***

 − 0.053***

 − 0.166*

(− 3.43)

(− 3.82)

(− 1.74)

CEO_PC

 − 0.022***

− 0.024***

 − 0.290**

(− 3.26)

(− 3.21)

(− 2.41)

BD_PC

 − 0.006***

 − 0.002***

 − 0.085***

(− 3.12)

(− 3.08)

(− 3.53)

SIZE

 − 0.062**

 − 0.034**

 − 0.097***

 − 0.065**

 − 0.035**

 − 0.094***

 − 0.065**

 − 0.037**

 − 0.094***

(− 2.45)

(− 2.53)

(− 3.80)

(− 2.44)

(− 2.30)

(− 3.77)

(− 2.43)

(− 2.44)

(− 3.77)

CAR

 − 0.139

 − 0.053

0.271

 − 0.113

 − 0.049

0.199

 − 0.109

 − 0.05

0.104

(− 0.98)

(− 0.70)

(0.65)

(− 0.87)

(− 0.61)

(0.52)

(− 0.85)

(− 0.65)

(0.27)

CRD_RQ

 − 0.001

 − 0.033***

0.037

 − 0.003

 − 0.032***

 − 0.003

 − 0.002

 − 0.028***

0.016

(− 0.05)

(− 3.48)

(0.83)

(− 0.24)

(− 3.21)

(− 0.24)

(− 0.18)

(− 2.77)

(0.33)

PROF

0.122**

 − 0.021

 − 0.115

0.107***

− 0.0198

 − 0.151

0.106**

 − 0.023

 − 0.134

(2.48)

(− 0.67)

(− 0.94)

(2.58)

(− 0.61)

(− 1.23)

(2.56)

(− 0.72)

(− 1.12)

BAN_CON

0.002

0.001

0.003

0.004

0.001

0.002

0.003

0.001

0.002

(− 0.20)

(0.71)

(1.18)

(− 0.09)

(0.62)

(0.77)

(− 0.17)

(0.64)

(0.98)

DOM_CR

0.001

0.001

0.001*

0.001*

0.001

0.0017*

0.001

0.001

0.001*

(0.18)

(0.47)

(1.77)

(1.61)

(0.41)

(1.81)

(0.10)

(0.49)

(1.77)

GDP_GR

0.004

 − 0.002

 − 0.019*

0.004

 − 0.002

 − 0.021*

0.004

 − 0.002

 − 0.021*

(0.96)

(− 0.93)

(− 1.73)

(1.10)

(− 0.80)

(− 1.87)

(1.07)

(− 0.94)

(− 1.89)

INF

0.158

0.084

− 0.75

0.079

0.098

 − 0.147

0.113

0.104

 − 0.346

(0.69)

(0.90)

(− 1.04)

(0.33)

(0.89)

(− 0.21)

(0.44)

(1.07)

(− 0.46)

POL_RISK

0.134

0.303

0.227

0.035

0.206

0.677

0.058

0.259

0.542

(.30)

(1.07)

(0.93)

(0.08)

(0.74)

(1.27)

(0.13)

(0.94)

(1.18)

WEPU

 − 0.013

 − 0.003

 − 0.125

 − 0.031

 − 0.009

 − 0.053

 − 0.03

 − 0.005

 − 0.041

(− 0.22)

(− 0.11)

(− 0.74)

(− 0.59)

(− 0.31)

(− 0.33)

(− 0.55)

(− 0.16)

(− 0.25)

PAND_CRIS

 − 0.297***

 − 0.078***

 − 0.393***

 − 0.295***

 − 0.071***

 − 0.296***

 − 0.298***

 − 0.075***

 − 0.386***

(− 3.25)

(− 3.63)

(− 3.41)

(− 3.49)

(− 3.18)

(− 3.49)

( − 3.62)

( − 3.31)

(− 3.03)

L.CE

0.0421***

0.047***

0.055***

(4.47)

(5.54)

(4.66)

L.TE

0.095***

0.188***

0.114***

(4.31)

(4.62)

(4.307)

L.AE

0.172***

0.162***

0.185***

(3.61)

(3.51)

(3.71)

Year dummies

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Country dummies

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

p-value AR(1)

0.1550

0.1904

0.2768

0.1455

0.2031

0.1509

0.1076

0.1820

0.1254

p-value AR(2)

0.9491

0.7894

0.1054

0.8616

0.5962

0.2888

0.9951

0.6474

0.2844

p-value (Hansen test)

0.6842

0.3264

0.6487

0.7901

0.1438

0.7441

0.6223

0.1177

0.8164